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Twitter’s board on Tuesday recommended that shareholders green-light the company’s proposed $44 billion sale to Tesla and SpaceX CEO Elon Musk.
According to a filing with the U.S. Securities and Exchange Commission, the social media platform’s board of directors said it “unanimously recommends that you vote (for) the adoption of the merger agreement.”
Twitter’s stock experienced a 3% rise pricing each share at $38.98 Tuesday morning before Wall Street rang the opening bell. However, the price remains far less than Musk’s initial offer of $54.20 per share. The last time the company saw that level was last April when it offered Musk a seat on the board before he offered to purchase the platform.
However, if the merger went through today, investors would only pocket $15.222 profit for each share.
Although Musk told Twitter employees last week he plans to move forward with the purchase, he said in a virtual interview at the Qatar Economic Forum Tuesday the merger would need to see three issues resolved before following through with the transaction.
“With respect to the Twitter transaction,” he said. “What I can say publicly . . . given that is somewhat of a sensitive matter, I will have to be measured in my responses here such as not to generate incremental lawsuits.”
Musk said the company needs to identify the number of fake and spam accounts on the platform if the debt portion round will come together, and if the shareholders will vote in favor of the transaction.