Twitter’s board of directors unanimously advised shareholders Tuesday to approve Tesla CEO Elon Musk’s bid to purchase the social media giant for $44 billion.
"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 board said in a filing to the Securities and Exchange Commission (SEC).
Musk, who previously bought a 9.2% stake in Twitter, made an offer of $54.20 per share for the company in his notification to the SEC on April 14.
Twitter announced on April 25 that a deal had been reached for the sale of the company to Musk, but Musk said on May 13 that it had been temporarily suspended.
In a post on his Twitter account, he said the deal was on hold pending "details supporting calculation that spam/fake accounts do indeed represent less than 5% of users."