Twitter Board Endorses Elon Musk Takeover

Tesla CEO Elon Musk is pictured as he attends the start of the production at Tesla's "Gigafactory" on March 22, 2022 in Gruenheide, southeast of Berlin.
Elon Musk at the March opening of a Tesla factory in Germany. (Image credit: Patrick Pleul/POOL/AFP via Getty Images)

Twitter’s board of directors is unanimous in its support for Elon Musk's bid to take over the company. Its members have unanimously voted to accept the deal and advise shareholders to do the same.

The move by Tesla and SpaceX owner Musk could mean a return of a Tweeting Donald Trump,  since Musk has said he would restore the former president's account. Trump, who has been signaling a likely run in 2024 via his own Twitterless social media work-around, was banned from the site in January 2021 — after Twitter concluded his tweets had incited violence at the Jan. 6, 2021, Capitol riot and could do so again.

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The Twitter board's support of Musk’s offer to take the company private came in a proxy statement filed with the Securities and Exchange Commission.

The board told stockholders that it had “unanimously: (1) 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; and (2) adopted and approved the merger agreement, the merger and the other transactions contemplated by the merger agreement.”

If the stockholders vote to accept the deal, they will get $54.20 per share, about a 38% premium on the closing price of the stock April 1, which was $39.31. As of midday Wednesday (June 22), the price was $38.56. ■

John Eggerton

Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.