The board of directors of Twitter is keeping its plan to sell the American short messaging service to Elon Musk for around $44 billion – despite the share price slide and any ricochets from the tech billionaire.
In documents released Tuesday, the board reaffirmed its same unanimous support for Musk’s bid of $54.20 per share as it did in May.
Shares subsequently traded still low at $38.40 in early U.S. trading, up about 1.7 percent. Musk’s takeover bid had been accepted by the board of directors in April. After this, the stock market started to plummet – and Musk temporarily declared the deal suspended because he doubted Twitter’s claims regarding the number of fake accounts.
However, from the online service’s point of view, he simply cannot put the agreement on hold unilaterally, with the company showing its determination to push through the sale on the original terms.
During a conference interview on Tuesday, Musk referenced the fact that he still needs to finalize financing for the deal and get the majority of Twitter’s shareholders to approve the acquisition. He already has a stake of just over nine percent.