Twitter Finally Approves Elon Musks $44 Billion Deal

Tesla CEO Elon Musk has been facing endless hurdles in his struggle to acquire Twitter but hes now another step closer to sealing the deal. Twitters board of directors has finally asked the companys shareholders to approve Musks $44 billion bid. According to a document filed through the Securities and Exchange Commission SEC Twitters board unanimously recommends that the social media companys shareholders vote for the adoption of the merger agreement. The board has also asked the shareholders to approve any financial payments that would need to be paid to executives as a result of the merger.

The documentation also includes recommendations to seek proxies and hold off special meetings if necessary in case there are insufficient votes for a merger. At the time of writing Twitters share price has plummeted to $39.06 down from Musks initial offer price of $54.20. Unfortunately for Twitter the companys market cap has also fallen below $30 billion as pointed out by TechCrunch.  However it is worth mentioning that while the boards recommendation will likely put Musk at ease the companys shareholders will not vote on the matter until at least August 2022. Hence it is clear that this is not the last we will hear of the issue. Nonetheless the development still counts as progress for the Tesla CEO.