Elon Musk’s plan to purchase Twitter is one step closer to reality as the social media company’s board of directors has approved his $44 billion buyout deal.
In a regulatory filing with the U.S. Securities and Exchange Commission published on Tuesday, Twitter’s board advised shareholders it “unanimously recommends that you vote (for) the adoption of the merger agreement.” (via ABC)
The approval comes just a few days after Musk met with employees for the first time. During a virtual Q&A session last week, Musk answered a number of questions and reiterated his plans to move forward with the deal.
There has been a lot of uncertainty in recent weeks if Musk will follow through on his proposed buyout. Perhaps the biggest question mark has been around Twitter’s statistics that less than 5% of daily active users are spam or fake accounts. To verify those claims, Musk has requested access to additional data, which Twitter has reportedly since agreed to provide.
Shares of Twitter are currently trading at around $38 per share, well below Musk’s proposed buyout at $54.20 per share.