Twitter Board of Directors recommended to approve the sale of the social network to Elon Musk

The Board of Directors of Twitter unanimously recommended that shareholders approve the purchase of the social network by Elon Musk for $44 billion. This is evidenced by the document filed with the SEC.

“The Twitter Board of Directors, having taken into accountfactors more fully described in the attached interim statement, unanimously determined that the acquisition agreement is appropriate […] and in the best interests of the company and its shareholders,” the document said.

Shares of TWTR after the opening of trading rose by almost 2%. The current market capitalization of the company is $29.44 billion.

Data: Yahoo Finance.

Below is a list of the largest shareholders of Twitter:

Data: TWTR SEC Filings.

If the deal were closed now, each of them would earn more than $15 per share. Former Twitter CEO Jack Dorsey would have made almost $978 million.

Recall that at the end of April, Elon Musk agreed to purchase Twitter. The billionaire made a takeover offer to the company's management in the middle of the month. 

The entrepreneur explained his intention by the desire to create an “inclusive arena for freedom of speech”, and not by the desire to earn money.

Initially, the Twitter board of directors took a negative view of Musk's proposal, but then revised its position.

In May, the billionaire suspended the purchase processdue to reports of overestimation of the audience of the social network. During the speech, he said that the number of daily active users of Twitter should reach 1 million per day. In the first quarter, their number was 229 million.

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