Elon Musk is one step closer to taking over Twitter…
The board of directors at the social media site submitted Securities and Exchange Commission filing today, unanimously recommending the its shareholders vote to approve the Tesla CEO’s $44 billion acquisition of the social media company:
“The Twitter Board, after considering various factors described in the section of this proxy statement captioned ‘The Merger— Recommendation of the Twitter Board and Reasons for the Merger,’ has unanimously:
(1) 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; and (2) adopted and approved the merger.”
According to Fox Business, it would take Twitter private at $54.20 per share.
Elon stated in an interview today at the Qatar Economic Forum that board approval was one of three “unresolved matters” keeping them from closing the deal.
He’s said multiple times throughout the process of potentially closing a deal that he would need them to give him the hard numbers on the amount of fake and spam accounts that exist on the site.
Twitter has been reluctant to do so, and insists that they make up less than 5% of its users, while Tesla CEO Elon believes the figure is closer to at least 20%, and that he doesn’t want to overpay for a company that doesn’t generate the clicks and use they claim to.
Of course, the whole deal has been controversial from the beginning, to say the very least, with Elon ultimately saying he wants to purchase the social giant to entire freedom of speech for everyone on the platform:
I hope that even my worst critics remain on Twitter, because that is what free speech means