Twitter board unanimously recommends shareholders buy Elon Musk for $ 44 billion

The saga of acquiring the popular billion-dollar microblogging site Twitter finally seems to be coming to an end. After a few twists and turns, the deal is finally back on track. According to a new regulatory dossier, the board of directors of Twitter unanimously recommended its shareholders to approve the sale of the company for 44 billion dollars to the CEO of Tesla and the richest man in the world Elon Musk.

Back in April, Musk, after revealing a 9.2% stake in the company, offered to buy Twitter. Since then, it’s been a roller coaster ride, some of which you may have noticed from our coverage. From the Twitter board, which initially wanted to adopt a strategy for a “poison pill” to stop the deal on the number of spam accounts on the platform, from Musk, who is allegedly violating the NDA, to consider taking it to more low cost, from filing a lawsuit against Musk to increase his equity component, the whole trip was nothing short of dramatic.

Musk recently said that he has the right to conduct his own survey of spam accounts, as he believes that Twitter’s report that it has no more than 5% of bot accounts in its platform is not true. In response, Twitter said it would jointly share the information to complete the transaction in accordance with the terms of the merger agreement.

And now it seems we are finally at the end of a three-month journey that will see SpaceX and Tesla’s CEO take over Twitter, a platform known to have a strong presence, and unlock what he said was his “Exceptional potential”.

Shares of Twitter rose about 3% to $ 38.98 before the bell began on Tuesday. It later fell to $ 38.12, but rose slightly and is currently trading at $ 38.46, which is far lower than the price of $ 54.20 per share that Musk offered to pay to take over the popular site for microblogging.

The document to the US Securities and Exchange Commission (SEC) revealed that Twitter’s board of directors said it “unanimously recommends that you vote (for) the adoption of the merger agreement.”

He also unanimously recommended that Twitter’s shareholders approve the compensation “which will or may become payable by Twitter to the executives he mentioned in connection with the merger” and the postponement of the extraordinary meeting from time to time for a later date or dates. , if necessary or appropriate, to request additional proxies if there are not enough votes to adopt the merger agreement during the extraordinary meeting.

If the deal is finally concluded, then Twitter investors will be able to make a profit of $ 15.22 for each share they own.