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Elon Musk’s $44 billion Twitter deal gets board support

Elon Musk’s $44 billion Twitter deal gets board support

New York, June 21

According to a regulatory filing on Tuesday, Twitter’s board has unanimously recommended that shareholders approve the company’s proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk.

Musk reiterated his desire to move forward with the acquisition during a virtual meeting with Twitter employees last week, although Twitter’s shares are well below his offering price, indicating considerable doubt that it will happen.

The stock rose nearly 3 percent to $38.98 before the opening bell on Tuesday, compared to the $54.20 a share Musk offered for each share. The company’s stock last reached that level on April 5 when it offered Musk a seat on the board, before offering to buy all of Twitter.

In a filing with the US Securities and Exchange Commission on Tuesday detailing the litter to investors, Twitter’s board of directors said it “unanimously recommends that you vote to adopt the merger agreement.” If the deal closes now, investors in the company will make a profit of $15.22 for each of their shares. AP

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