Twitter board agrees Musk's $44 billion bid

23 June 20221 min read0 views

Twitter's board has recommended that shareholders approve the proposed $44-billion sale of the company to billionaire and Tesla CEO Elon Musk.

Twitter's board of directors said, “it unanimously recommends that you vote (for) the adoption of the merger agreement.” Last week, during a virtual meeting with Twitter employees, Musk reiterated his desire to move forward with the acquisition.

Musk said there were unresolved issues, including the debt portion and spam users. “We're still awaiting resolution, and that is a very significant matter,” he said, reiterating doubts over Twitter's claims that spam accounts were fewer than 5% of monetisable daily active users.

Twitter shares rose about 3% to $39 before the opening bell, far short of the $54.2 that Musk has offered for each share.