So why isn't TWTR trading at $54.20? There must be a significant chance this won't go through. Indeed, the deal is "Subject to the approval of Twitter stockhold

So why isn't TWTR trading at $54.20? There must be a significant chance this won't go through. Indeed, the deal is "Subject to the approval of Twitter stockholders". Stockholders are holding it because they believe it's worth more than its current price. And Elon's offer is only slightly more than the current price. The board members do not hold much stock at all. It seems this might fail at shareholder vote.