Elon Musk Gets Twitter Board’s Approval Over Takeover | What Does This Mean

Elon Musk gets the Twitter board's endorsement, giving the ultra-rich billionaire a step closer to his dream takeover of the social media giant.

It appears that the CEO of Tesla, Musk, is nearing his attempt to own the giant social network, Twitter, and the latest regulatory filing backs that up.

Elon Musk Gets Twitter Board's Approval

As per a news story by Business Insider, the billionaire tech entrepreneur receives a recommendation from the board of directors of the renowned social network.

The Twitter board has now urged the shareholders of the social media giant to cast their votes for the $44 billion proposal of Musk.

The regulatory filing from the Securities and Exchange Commission disclosed the recent move of the board of directors of the giant social media firm.

The proxy filing says that the Twitter board "determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders."

It is worth noting that the decision of the board has been unanimous, the filing with the Securities and Exchange Commission unveils.

Twitter Shareholder Meeting

Business Insider notes that the Twitter shareholder voting has yet to have its specific date.

But, according to a recent report by IGN, the shareholder meeting is slated to commence before this year faces its final curtain call.

The meeting enables the shareholders of the social media giant to either approve or reject the offer of the billionaire tech entrepreneur to takeover Twitter for a price of $44 billion.

IGN reports that if ever the shareholders of Twitter do accept the offer of the Tesla founder, they are getting roughly $54.20 per share they currently own.

While the Twitter board of directors has finally recommended the $44 billion sale, shareholders still have to vote for it. So, what's happening next remains to be seen.

Elon Musk and Twitter Takeover

Musk, who owns tech giants like SpaceX and Tesla, formally offered to take Twitter private for $54.20 per share back in April, Business Insider notes.

But Musk is still a few steps away from concluding the Twitter takeover. In fact, the deal between the mega-billionaire and the social media firm had a few hiccups along the way.

The Tesla founder has even gone berserk, threatening to walk away from the $44 billion deal. It comes after Musk alleges that Twitter does not want to be transparent about the number of spam accounts on the platform.

This article is owned by Tech Times

Written by Teejay Boris