Twitter board recommends shareholders vote in support of Musk acquisition
Elon Musk shares who he would like to be the next president in 2024ReplayMore Videos ... (16 Videos)Elon Musk shares who he would like to be the next president in 2024This mobile robot can reserve parking spots and then charge your EVInternet Explorer is no more. CNN reported on the 'browser wars' it started in 1996Robots could soon look human, with living skin and hairApple's CEO responds to evolving workplace dynamicsSee the new features coming to iPhonesMeet the researchers revolutionizing micro-scale robots for medical useThis new technology helps drones survive strong windsHow Paris Hilton became 'The Queen of the Metaverse'Google's Street View is 15 years old. See the new camera it's rolling outWhy privacy experts are warning against using period-tracking appsBig Tech and Ireland: How the combination made Ireland one of Europe's wealthiest countries This mask makes breathing in virtual reality more realisticSee how Google's new AR technology worksIn 1997, an IBM computer beat a chess world champion for the first timeIn 2005, an iPod was sold every two seconds. See how CNN covered the phenomenonNew York (CNN Business)Twitter's board of directors has unanimously recommended that the social media company's shareholders vote to approve its sale to Elon Musk, according to a regulatory filing on Tuesday.
Twitter (TWTR) plans to hold a special shareholder meeting for a vote on the acquisition, one of the final steps needed to close the deal, on an undisclosed date in the coming months. The board said in the filing that it determined "none of the possible alternatives to the merger," including staying independent or pursuing a different acquirer, were likely to be better for shareholders than the Musk deal. Elon Musk addresses layoffs, remote work and 'free speech' during his first meeting with Twitter employeesThe board unanimously agreed to sell the company to Musk for $44 billion in April, after the billionaire Tesla (TSLA) CEO became Twitter's largest shareholder and hinted he might attempt a hostile takeover of the company. Tuesday's filing is the latest indication that the company is moving ahead with the deal as planned, despite doubts created by Musk in recent weeks. Musk has suggested that he could try to walk away from the deal over his worries about the number of bots and fake accounts on the platform. Musk joined an awkward all-hands meeting with Twitter employees last week during which he took questions and discussed his plans for the company, although he did not explicitly reaffirm his commitment to go through with the deal. He said in an interview with Bloomberg on Tuesday that there are "a few unresolved matters" related to the deal, reiterating his concern about bots.Read MoreWhile Musk is the richest person in the world, much of his wealth is tied up in Tesla stock, which has fallen sharply in recent weeks. Much of the tech sector, including social media companies, has also seen shares hit hard amid a broader market downturn.Twitter stock continues to trade well below the $54.20 a share Musk offered in April, suggesting investors remain skeptical of the deal going through, or being completed at that price. Click Here To Get Funded!