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May 17, 2022, 6:49 a.m. EDT

Twitter files preliminary proxy statement for acquisition by Elon Musk

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By Ciara Linnane

Twitter Inc. /zigman2/quotes/203180645/composite TWTR +1.89% said Tuesday it has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission regarding its agreement for the social media site to be acquired by Tesla Inc. /zigman2/quotes/203558040/composite TSLA +4.52% CEO Elon Musk to $54.20 a share in cash. "Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable," the company said in a statement. The filing comes as Musk engages in a Twitter spat with its CEO Parag Agrawal. "This deal cannot move forward until he does," Musk said in an early Tuesday tweet, as he doubled down on his demand for more information on spam bots from Agrawal. Twitter shares were down 2.4% premarket and have fallen 13.5% in the year to date. The stock closed at $37.39 on Monday, way below the Musk offer price.

$ 39.41
+0.73 +1.89%
Volume: 18.09M
June 24, 2022 4:05p
P/E Ratio
Dividend Yield
Market Cap
$30.12 billion
Rev. per Employee
US : U.S.: Nasdaq
$ 737.12
+31.91 +4.52%
Volume: 31.92M
June 24, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$763.66 billion
Rev. per Employee

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