The takeover of Twitter by Elon Musk is a step closer to completion after the Twitter board unanimously voted to approve the pending agreement. The proposal will now go to the shareholders of the social media giant, who will vote on whether to approve the deal at a special shareholders’ meeting, according to the new Securities and Exchange Commission. [SEC] TechCrunch uncovers documentation.
The meeting, which will be held before the end of the year, will enable the shareholders to decide whether to approve Mask’s offer of 44 billion dollars. If they do, Twitter shareholders will be entitled to $ 54.20 in cash for each share they own, which was the amount estimated at the last full trading day before Musk revealed its nine percent stake.
In the submission, the Board of Directors of Twitter recommended the shareholders to vote for the merger agreement while agreeing to compensation.
Top rated games 2022
Musk, meanwhile, will be much closer to adding Twitter to its funds, which include Tesla and SpaceX. Musk said he plans to make Twitter private, undo moderation efforts and make the platform more profitable. He also confirmed that he would lift the ban of former President Donald Trump.
Since making the offer, Musk has complained that Twitter is not doing enough to detect the right number of spam bots and fake accounts on the platform, which the company says is hovering around 5 percent. Earlier this month, Musk threatened to leave the deal, claiming Twitter had breached the contract, prompting Twitter to give him access to his “full fire tent” data.
Twitter, for its part, has steadily progressed with the deal, although Musk has shown signs of coldness. It is now closer than ever to completion, although there are many regulatory obstacles, especially in areas like Europe.
As for Mask, he has his problems while working to keep Tesla from going bankrupt due to supply chain problems and other problems.
Blog Image Credit: Patrick Pleul / Getty Images
Kat Bailey is the senior news editor at IGN, as well as the co-host of Nintendo Voice Chat. Do you have any advice? Send her DM to @ the_katbot.
#Twitter #Board #unanimously #approves #takeover #Elon #Musk #IGN