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Musk's Billion Twitter Deal Gets Board Endorsement.
According to a regulatory filing Tuesday, Twitter's board has unanimously recommended that shareholders approve the proposed $44 billion sales of the company to billionaire Elon Musk.
During a virtual meeting with Twitter employees, Tesla's CEO reiterated his desire to move forward with the acquisition last week. However, shares of Twitter remain far below their 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 Elon Musk has offered for each share. Twitter's stock last reached that level on April 5 when it offered Elon Musk a seat on the board before he had offered to buy all of Twitter.
In a filing with the US Securities and Exchange Commission on Tuesday, Twitter's board of directors said it recommended that investors "vote (for) the merger agreement." If the transaction were to close now, investors would see a profit of $15.22 per share.
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