The Twitter board unanimously recommended to shareholders that they approve Elon Musk’s purchase of the social network for $44 billion. This is evidenced by a filing with the SEC document.
“The Twitter board, having considered the factors set out in the accompanying interim statement, unanimously determined that the acquisition agreement is prudent and serves the interests of the company and its shareholders,” the document states.
TWTR shares rose almost 2% in early trading. The company’s current market capitalization stands at $29.44 billion.
Below is a list of Twitter’s largest shareholders:
If the deal were closed now, each would receive more than $15 per share. The former Twitter CEO Jack Dorsey’s payout would amount to nearly $978 million.
Earlier in April, Elon Musk agreed to buy Twitter. The takeover offer to the company’s leadership was made by the billionaire in mid‑April.
The entrepreneur explained his intent to create an “inclusive arena for freedom of speech,” rather than to make money.
Initially the Twitter board rejected Musk’s offer, but then reconsidered its position.
In May the billionaire paused the purchase process due to reports of inflated audience metrics. In a note to Twitter staff he said that the number of daily active users should reach 1 million per day. In Q1, their number stood at 229 million.
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