Twitter’s board of directors on Tuesday “unanimously recommended” that its shareholders vote to approve Tesla CEO Elon Musk’s $44 billion acquisition of the social media giant.
BREAKING: Twitter board unanimously recommends Musk’s takeover bidhttps://t.co/62qpXZAhnT
— FOX Business (@FoxBusiness) June 21, 2022
According to a document filed with the Securities and Exchange Commission (SEC), the board recommended stockholders approve Musk’s $44 billion offer, indicating they believed it to be fair and in the best interests of Twitter and its stockholders.
Stockholders will be entitled to $54.20 per share after the merger is complete, per the board.
Musk highlighted concerns about the number of bots on the platform when he claimed there were still some “unresolved difficulties” concerning the purchase on Tuesday at the Qatar Economic Forum. He has questioned Twitter’s estimate that less than 5% of users are bots.
Musk stepped up his demands for Twitter to give him information regarding bot accounts earlier this month. In an SEC filing, he accused the firm of “actively resisting and thwarting his information rights” under the merger agreement by refusing to do so.
“Musk believes the company is actively resisting and thwarting his information rights … under the merger agreement. This is a clear material breach of Twitter’s obligations…Musk reserves all rights resulting therefrom, including his right not to consummate the transaction…” pic.twitter.com/YxZ8B8awg4
— The Recount (@therecount) June 6, 2022
Musk highlighted that his goal is to create an inclusive and enticing Twitter experience.
“Ideally I’d like to get like 80% of North America and perhaps, I don’t know, half the world or something ultimately on Twitter in one form or another,” he explained. “And that means it must be something that is appealing to people. It obviously cannot be a place where people feel uncomfortable or harassed, or they’ll simply not use it.”
In keeping with his responsibilities at Tesla and SpaceX, he continued, his primary focus at Twitter would be on advancing technology.
He declared, “Whether I’m called the CEO or something else is much less important than my ability to drive the product in the right direction.”
Shares of Twitter, which are down nearly 10% year to date, are trading at $38.60 apiece as of the time of publication, well below Musk’s offer.