Twitter Board of Directors recommended to approve the sale of the social network to Elon Musk

Twitter Board of Directors recommended to approve the sale of the social network to Elon Musk

Advice /></p><p>Twitter's board of directors has unanimously recommended shareholders approve Elon Musk's $44 billion purchase of the social network, according to a filing with the SEC.</p><blockquote class=

“The Twitter Board of Directors, after considering the factors described in more detail in the attached interim statement, unanimously determines that the acquisition agreement is appropriate […] and in the best interests of the company and its shareholders,” the document reads.

TWTR shares are up almost 2% since the opening of trading. The current market capitalization of the company is $29.44 billion.

Twitter Board recommended approve the sale of the social network to Elon Musk

Data: Yahoo Finance.

The following is a list of Twitter's largest shareholders:

Twitter's Board of Directors recommended approval of the sale of the social network to Elon Musk

Data: TWTR SEC Filings.

If the deal were closed now, each of them would earn more than $15 per share. Former Twitter CEO Jack Dorsey would have made almost $978 million.

Recall that at the end of April, Elon Musk agreed to buy Twitter. The billionaire made a takeover offer to the company's management in the middle of the month. 

The entrepreneur explained his intention by the desire to create an “inclusive arena for freedom of speech”, and not by the desire to make money.

Initially, the board of directors Twitter reacted negatively to Musk's proposal, but then revised its position.

In May, the billionaire suspended the purchase process due to reports of inflated social media audience numbers. During the speech, he said that the number of daily active users of Twitter should reach 1 million per day. There were 229 million in the first quarter.

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