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Twitter’s board recommends $44 billion buyout by Elon Musk even as fixes a few ‘unresolved matters’

Twitter's board of directors recommended unanimously that shareholders approve the proposed $44 billion buyout of the micro-blogging platform to Tesla CEO Musk.

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As Elon Musk fixes a few ‘unresolved matters’ with Twitter, the company’s board has recommended the $44 billion buyout. Also Read - Tesla to lay off 10 percent employees, Elon Musk confirms

In a fresh regulatory filing with the US Securities and Exchange Commission(SEC) on Tuesday, Twitter’s board of directors recommended unanimously that shareholders approve the proposed $44 billion buyout of the micro-blogging platform to Tesla CEO Musk. The board “unanimously recommends that you vote (for) the adoption of the merger agreement,” it said in the filing. Also Read - Former employees sue Tesla over 'mass layoff' decision

“Twitter’s Board of Directors, after considering the factors more fully described in the enclosed proxy statement, unanimously determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders,” the company said. Also Read - Elon Musk doesn't want to be Twitter CEO, 'wants to focus on driving the product'

Twitter shares jumped around 3 per cent to reach $38.60 each.

Musk on Tuesday said that there are still a few “unresolved matters” with Twitter before he moves ahead with his $44 billion takeover deal.

Addressing the Qatar Economic Forum, the world’s richest man said that he is still waiting to know the presence of the actual number of bots on the platform.

“There is the question of, will the debt portion of the round come together and then will the shareholders vote in favour,” he said.

He said he will focus on “driving the product” at Twitter and does not want to become the CEO of the micro-blogging platform.

Annoyed at the presence of fake users and bots on Twitter, Musk in May put the $44 billion takeover deal on hold.

Musk said he does not believe in Twitter findings, which claim that false or spam accounts represent fewer than 5 per cent of its monetisable daily active users (229 million).

He said that Twitter’s algorithm might be manipulating users and has “very bot-friendly” rules.

Musk also asked the US SEC to probe whether Twitter’s claim on the number of its user base is true.

–IANS

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  • Published Date: June 22, 2022 11:46 AM IST



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