Twitter’s board unanimously recommended Tuesday that shareholders approve billionaire Elon Musk’s offer to buy the social media site for $44 billion.
Musk told Twitter employees earlier in June that he still planned to move forward with the purchase, despite shares in the company remaining significantly lower than his offer price, The Associated Press reported. He noted on Tuesday that approval of the purchase by shareholders was one of a number of unresolved matters halting his purchase, the outlet continued.
The Tesla billionaire’s offer would net a profit of $15.22 per share for investors if it closed now, the AP noted. Musk offered to pay $54.20 per share, despite them falling short of this number upon opening bell Tuesday, the outlet reported.
This is where
the writers are,
— Elon Musk (@elonmusk) June 18, 2022
Twitter’s board of directors said in a filing with the US Securities and Exchange Commission that it “unanimously recommends that you vote (for) the adoption of the merger agreement.”
Musk has previously said that Twitter “will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.” He then offered to buy the entirety of the company in order to “unlock” the “extraordinary potential” of the social media platform. Twitter founder and former CEO Jack Dorsey has praised Musk’s decision to purchase the platform and has also said that he will “never be CEO again.”
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