Twitter’s board has unanimously recommended that shareholders vote in favor of Elon Musk’s acquisition of the social media giant.
Twitter’s board of directors initially accepted the $44 billion takeover bid at $54.20 per share in late April, and shareholder approval is the last hurdle for the deal to go through, barring any Musk’s potentially erratic caper.
According to a June 21 US Securities and Exchange Commission (SEC) filing, Twitter’s board of directors unanimously determined that the “merger agreement is advisable” and asked shareholders to vote in favor of the merger agreement. agreement.
The board stated that Twitter will host a virtual meeting, on an unspecified date, to vote on the merger, which is due October 24.
If the merger goes through, shareholders will receive $54.20 in cash for each share they own, and with Twitter TWTR stock priced at $38.91 at the time of this writing, the deal would be a premium of approximately 39%.
The acquisition appeared to be up in the air earlier this month after Musk took aim at the Twitter forum for failing to provide data related to the number of fake users on the platform, and threatened to withdraw his bid if it did not provide the data. .
The board has since agreed to share data with Musk and the issue has been resolved. Many viewers believed that Musk was trying to get out of the deal as a result of the stock price falling since the takeover offer was first made.
An indication that Musk is serious about moving forward with his acquisition came on June 16, when Tesla’s CEO addressed employees for the first time in a question-and-answer session about his plans for the company moving forward. .
According to a leaked transcript of the call published by Vox, Musk suggested that he might be looking to integrate a host of digital payments into the service, including crypto:
“I think it would make sense to integrate payments into Twitter to make it easy to send and receive money. And if you have currency in addition to crypto. Essentially, whenever someone finds it useful.”
“So my goal would be to maximize the usefulness of the service: the more useful it is, the better. And if one can use it to make convenient payments, that is an increase in utility,” he added.
Bots and account verification were also another issue he highlighted, with Musk describing the value of introducing verified paid accounts to allow users to differentiate between real and fake users.
Related: Elon Musk Hit With ‘Ridiculous’ $258B Dogecoin Lawsuit
Musk highlighted that there are “quite a few crypto scams on Twitter” as one of the key reasons for introducing such a feature.
The issue is especially familiar to the Dogecoin proponent, given that a series of fake videos using his likeness to promote crypto scams recently circulated on the social media platform.
This post Twitter Board Advises Shareholders to Vote for Elon Musk Acquisition
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