Elon Musk's USD44 billion Twitter purchase receives board ap...| MENAFN.COM

Thursday, 30 June 2022 05:29 GMT

Elon Musk's USD44 billion Twitter purchase receives board approval


(MENAFN) According to a regulatory filing Tuesday, Twitter's board unanimously recommended that shareholders approve the planned $44 billion sale of the firm to billionaire and Tesla CEO Elon Musk.

Musk restated his willingness to proceed with the acquisition during a virtual conference with Twitter staff last week, however shares of Twitter remain considerably below his selling price, indicating great uncertainty that it will materialize.

Musk mentioned shareholder approval of the acquisition as one of numerous "unresolved matters" relating to the Twitter deal in an interview with Bloomberg on Tuesday at the Qatar Economic Forum.

Twitter Inc. shares were practically unchanged immediately before the market open Tuesday, falling far short of Musk's offer of $54.20 per share. The stock last hit that level on April 5, when the firm offered Musk a seat on the board before he proposed to buy out Twitter entirely.

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