Elon Musk’s $44 Billion Twitter Deal Wins Board Approval

According to a US Securities and Exchange Commission filing Tuesday, Twitter’s board of directors unanimously recommended that shareholders support Elon Musk’s $44 billion acquisition of the firm. Tesla and SpaceX CEO Elon Musk agreed to acquire Twitter in April.

In a statement to investors included in the SEC filing, the board stated it “decided that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, prudent and in the best interests of Twitter and its stockholders.”

Elon Musk’s $44 Billion Twitter Deal Wins Board Approval

The letter did not mention a date for the vote, although Bloomberg reported that it may take place in late July or early August. Though the company’s share price has fallen significantly from the $54.20 per share that Musk first proposed, he signaled his resolve to proceed with the transaction in a meeting with Twitter staff last week when he allegedly stated his desire for 1 billion subscribers. Twitter has declined to speak more.

The board’s suggestion came as no surprise given that the group had previously authorized the acquisition, but it is the latest stage in a lengthy process fraught with twists, turns, and uncertainty. Musk had previously threatened to pull out of the arrangement if Twitter couldn’t provide proof that less than 5% of its accounts were bots. Later, he accused Twitter of “actively fighting and blocking” his request for bot data, but the firm apparently decided to disclose the information.

Musk said in an interview with Bloomberg on Tuesday at the Qatar Economic Forum that the bot problem and shareholder approval are two of three issues that must be handled before the sale can be finalized. The third concern is whether the debt part of the deal will be completed, according to Musk.

Musk has also indicated that he would be willing to renegotiate the conditions of the agreement, adding that a lower price isn’t “out of the question.” However, Twitter has stated that it does not intend to renegotiate the current agreement. Twitter co-founder and former CEO Jack Dorsey in April expressed his support for the deal, saying Musk is the “singular solution” he trusts.

Also Read: Meta Confirms Cut-Free Revenue Till 2024

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