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Twitter board urges shareholders to approve Elon Musk takeover bid

Elon Musk’s proposed $44 million takeover of social media platform Twitter took a new turn as Twitter’s board of directors unanimously asked shareholders on Tuesday to approve the purchase. In the latest SEC filing, the board said it “unanimously recommends that you vote [for] the adoption of the merger agreement”. The filing also says the board believes the sale of Twitter to Tesla’s CEO is “fair, desirable, and in the best interests of Twitter and its shareholders.”

Read also | Twitter buyout deal remains deadlocked over fake users, says Elon Musk

The deal nearly closed in April, but Musk decided not to go ahead due to reports of “fake users” constituting more than 10% of Twitter’s total number of users. The company has since provided him with access, but he reiterated on Tuesday that the deal was stalled due to those concerns.

At the Qatar Economic Forum, Musk said the deal was blocked by “very important issues”.

“There are still a few unresolved questions,” Musk said via video link according to the AFP report.

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“This includes if the number of fake and spam users on the system is less than five percent according to their claims, which I think is probably not what most people experience when using Twitter.”

“So we are still waiting for a resolution on this issue and it is a very important issue,” he added.

Musk also said there were concerns about Twitter’s potential market debt. “So I think those are the three things that need to be resolved for the transaction to go through,” he explained.

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Post expires at 5:39pm on Friday July 1st, 2022