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 Iraq Sun.

More Information

43 ℃

Blowing Dust / Windy in Baghdad

International

Section

Would a new Cold War be in the best interest of the United States?

As China unleashed live-fire military exercises off the coast of Taiwan, simulating a real "reunification by force" operation in the ...

Myanmar deposed leader Aung San Suu Kyi to serve six additional years in prison

NAYPYIDAW, Myanmar - According to a legal official, a court in Myanmar has sentenced former leader Aung San Suu Kyi ...

China, Nepal to build rail, communications network across Himalayas

BEIJING, China: Following a meeting between their foreign ministers, China and Nepal have agreed to build the Trans-Himalayan Multi-Dimensional Connectivity ...

Heatwave continues in China as temperatures exceed 40C

BEIJING, China: Several regions in China experienced temperatures exceeding 40 degrees Celsius, including the major southwestern city of Chongqing.The country's ...

California seeks $1.4 billion to keep nuclear plant open

SACRAMENTO, California: California Governor Gavin Newsom is proposing to give a $1.4 billion government loan to extend the life of ...

With Covid cases increasing, India's New Delhi continues mask mandate

NEW DELHI, India: A government order released to reporters this week said New Delhi will continue to enforce a mask ...

Arab

Section