Twitter's Board of Directors has unanimously recommended the company's shareholders approve Elon Musk's $44 billion purchase of the social network, according to a document filed by the company with the US Securities and Exchange Commission (SEC).
According to it:
"The Board of Directors of Twitter, after considering the factors described in more detail in the attached interim statement, unanimously determines that the acquisition agreement is appropriate and in the best interests of the company and its shareholders."
The shares of the company were up nearly 2% after the opening of the trading session. The company's current market capitalization stands at $29.44 billion.
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If the deal is eventually closed, each shareholder would earn more than $15 per share. Former Twitter CEO Jack Dorsey would earn nearly $978 million.
Elon Musk agreed to buy Twitter in late April. The billionaire made a takeover bid to the company's management in the middle of the month with the goal of creating an "inclusive arena for free speech," and not for the sake of making money.