Twitter Stock Jumps As Board Recommends Elon Musk's $44 Billion Takeover Bid

Twitter said Tuesday that its board of directors is recommending that shareholders vote..

in favor a merger agreement that would see Tesla CEO Elon Musk purchasing the micro-blogging website for around $44 billion.  

The recommendation comes ahead of a likely early August vote on the deal, which would see Musk, by some measures the world's richest man, purchase Twitter at $54.20 per share and then take it private.  

"Twitter’s Board of Directors, after considering the factors more fully described in the enclosed proxy statement, unanimously 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," 

the company said in a Securities and Exchange Commission filing. "And adopted..

and approved the merger agreement, the merger and the other transactions contemplated by the merger agreement."  

Twitter shares were marked 1.2% higher in early Tuesday trading to change hands at $38.24 each. 

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