Twitter’s Board Approved Sale of Social Network to Elon Musk
The Board of Directors of Twitter, after analysing and discussing all the data about the deal, unanimously recommended that shareholders approve Elon Musk’s takeover of the social network for $44 billion.
According to a document filed in the US Securities and Exchange Commission (SEC), Twitter’s board of directors considers the deal to sell the social network to Elon Musk an appropriate decision that is in the interests of the company and its shareholders.
Shareholder approval is the final hurdle to a deal.
Following the announcement of the Twitter board’s decision, TWTR’s shares have risen almost 2% since the opening of trading. The current market capitalization of the company is $29.44 billion.
Many sceptics suggested that the deal to acquire the platform could fall through due to the fact that Twitter management did not provide information about fake accounts and bots on the platform. But it looks like the differences have been settled. And now there are only a couple of steps left before the completion of the transaction.