The Twitter board suggests shareholders to vote in favor of Elon Musk’s acquisition


The board said that Twitter would hold a virtual meeting on an unannounced date to vote on the merger before the Oct. 24 deadline.

The Twitter board overwhelmingly recommends that shareholders approve Elon Musk’s acquisition of the social media company.

Late in April, Twitter’s board of directors approved the $44 billion acquisition proposal at $54.20 per share, and shareholder approval is the last obstacle to the transaction closing, barring any odd behaviour from Musk.

Also Read, Elon Musk might face $258 Billion Lawsuit

According to a Jun. 21 filing with the U.S. Securities and Exchange Commission (SEC), Twitter’s board of directors unanimously agreed that the “merger agreement is prudent” and urged shareholders to approve the acquisition.

The board said that Twitter would convene a virtual meeting on an unannounced date to vote on the merger before the Oct. 24 deadline.

If the deal goes through, stockholders will get $54.20 in cash per share, representing a 39 percent premium over Twitter’s stock price of $38.91 when this article was written.

Musk criticized the Twitter board for not giving statistics on the number of fraudulent users on the network. He decided to pull his offer if the information was not provided.

The board has subsequently decided to share data with Elon Musk, resolving the problem. Due to the share price decline since the first takeover bid was announced, many observers assumed Musk was seeking to back out of the transaction.

On Jun. 16, the Tesla CEO addressed staff for the first time in a Q&A session on his plans for the firm’s future, signaling that Musk wants to proceed with his takeover in earnest.

According to a leaked transcript of the conversation obtained by Vox, Musk stated that he might want to incorporate a variety of digital payment methods, including cryptocurrency, into the service:

“I believe it would make sense to incorporate payments into Twitter so that exchanging funds is simple. And if you also own currency. Essentially like crypto, anytime it would be valuable to someone.”

“My objective would be to maximize the service’s utility; the more valuable the service, the better. And if it can be used to make simple payments, its utility increases,” he noted.

In addition to bots and account verification, he also brought up the benefit of offering paid verified accounts to help users distinguish between genuine and phoney individuals.

Musk cited “quite a few crypto frauds on Twitter” as one of the primary motivations for introducing this functionality.

A series of deepfake films utilising his picture to promote cryptocurrency frauds recently emerged on social media. The problem is particularly close to home for the proponent of Dogecoin.

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