Elon Musk’s Twitter Deal Moves Forward As Board Endorses Takeover

 

Elon Musk - Twitter

Elon Musk is now a step closer to owning the social media platform, Twitter, as the board has endorsed the takeover. After a period of tense negotiations and concerns over bot accounts on the social media platform, Twitter’s board of directors has unanimously approved Musk’s acquisition of the micro-blogging site.

Twitter filed a statement with the Securities Exchange Commission on Wednesday. The company’s board of directors encouraged shareholders to approve the acquisition in a Securities and Exchange Commission filing. 

With the board’s approval, the deal is expected to close in 2022. If the shareholders vote to sell the company, they will be receiving $54.20 for each share, which is a great deal.

Elon Musk and Twitter employees

This decision comes soon after Musk’s first official interaction with Twitter employees. Musk held a meeting with Twitter employees on 16 June. He addressed the queries and concerns of the employees. 

According to media reports, in the meeting, Musk raised his concern over the fake Twitter accounts. He also outlined his plans for expanding the Twitter user base and his overall goals for the micro-blogging site. 

Elon Musk’s deal to buy the platform

ElonMusk had made a hostile bid to take over Twitter for a $44 billion deal. However, he had concerns regarding bot accounts. He threatened the board to call off the deal if the company did not provide evidence that less than 5 per cent of the accounts on the micro-blogging site are bots.

On 9 June, Twitter handed over its Firehose API to Musk. The Firehose API monitors the posts of every account on Twitter.

Musk had revealed during an interview at the Qatar Economic Forum about several ‘unresolved matters’. He said to address those concerns to finalise the deal. 

Twitter CEO Parag Agrawal’s fate will also be decided by Musk once he takes over the company in 2022.

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