Board unanimously approves Elon Musk’s $44B Twitter bid

Board unanimously approves Elon Musk’s $44B Twitter bid
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The Twitter takeover is one step closer to completion as Elon Musk’s $44 billion bid was unanimously approved by the company’s board of directors, according to an SEC filing.

The regulatory filing comes days after Musk held a virtual, all-hands meeting with Twitter employees. Twitter shares were also up by just under 1%, selling for around $38.91 a share, well below the $54.20 per share tender offer from Musk.

Last month, Elon Musk said he was putting the deal “on hold” pending a review of Twitter’s policies and threatened to cancel the deal unless Twitter offered definitive proof that less than 5% of its daily users are spam and bot accounts.

If the merger goes through, Twitter shareholders will receive $54.20 in cash per share that they own. Jack Dorsey, Twitter’s former CEO who owns 2.4% of the company, will receive $978 million, and Parag Agrawal, the current chief executive of the San Francisco-based tech giant, will receive $42 million as a result of the transaction.

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