Elon Musk's $44 Billion Twitter Deal Gets Board Endorsement

Voice of America
22 Jun 2022, 00:35 GMT+10

New York - Twitter's board has recommended unanimously that shareholders approve the proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk, according to a regulatory filing Tuesday.

Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees, though shares of Twitter remain far below his offering price, signaling considerable doubt that it will happen.

Shares rose about 3% to $38.98 before the opening bell Tuesday, far short of the $54.20 per-share that Musk has 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 he had offered to buy all of Twitter.

In a filing with the U.S. Securities and Exchange Commission detailing on Tuesday detailing a litter to investors, Twitter's board of directors said that it 'unanimously recommends that you vote (for) the adoption of the merger agreement.' If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.

More Information

30 ℃

Partly Cloudy in Seletar

International Business

Section

New Ireland law to review foreign purchases of sensitive companies

DUBLIN, Ireland: The government of Ireland is preparing a new law to prevent foreign investments in critical technology and infrastructure ...

Toyota reduces July global production goal by 50,000 vehicles

TOKYO, Japan: Amidst semiconductor shortages and COVID-19 parts supply disruptions, Toyota has reduced its July global production target by 50,000 ...

Russian rouble stronger, consumer prices falling

MOSCOW, Russia: Russia's consumer price index has fallen by 0.12 percent for the third consecutive week.This drop in the consumer ...

UK government pledges action after inflation rises 9.1% in May

LONDON, England: Surging food prices in the UK pushed consumer price inflation to 9.1 percent last month, a 40-year record ...

Two years to reduce inflation to 2 percent, predicts Fed's Mester

CLEVELAND, Ohio: It will take two years for U.S. inflation to fall to the central bank's 2 percent target, Cleveland ...

EU, India hope for free trade agreement by 2023, says officials

NEW DELHI, India: The European Union and India have relaunched talks to implement a free trade agreement, aimed to be ...

Construction

Section