Tesla CEO Elon Musk is one step closer to acquiring Twitter. Twitter’s board requested shareholders to support Musk’s $44 billion deal.
Twitter’s board “unanimously recommends” that shareholders approve the transaction, according to an SEC filing. The board has also requested shareholders to approve any executive compensation related to the merger.
Documentation recommends seeking proxies and delaying special meetings if there are insufficient merger votes.
Twitter’s share price is $39.06, down from Musk’s $54.20 offer price. TechCrunch reported that Twitter’s market cap fell below $30 billion.
Despite the board’s suggestion, Tesla shareholders won’t vote on the topic until August 2022. Clearly, we will hear more about this subject.