Elon Musk’s takeover of Twitter is nearing completion after Twitter’s board voted unanimously to approve the ongoing deal. The proposal will now go to shareholders of the social media giant, who will vote on whether to approve the deal at a special meeting of shareholders, according to a new Securities and Exchange Commission. [SEC] repository discovered by TechCrunch.
The meeting, to be held before the end of the year, will allow shareholders to determine whether they approve Musk’s $44 billion offer. If they do, Twitter shareholders will be entitled to $54.20 in cash for each share they own, which is the amount it was valued at on the last full trading day before Musk disclosed his stake. by 9%.
In the filing, Twitter’s board recommended that shareholders vote for the merger deal while accepting compensation.
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Musk, meanwhile, will be that much closer to adding Twitter to his holdings, which include Tesla and SpaceX. Musk said he plans to make Twitter private, reduce moderation efforts and make the platform more cost effective. He also confirmed that he would overturn former President Donald Trump’s ban.
Since making the offer, Musk has complained that Twitter isn’t doing enough to reveal the true number of spambots and fake accounts on the platform, which the company says hovers around 5. %. Earlier this month, Musk threatened to pull out of the deal, claiming Twitter was in breach of contract, prompting Twitter to give him access to its “full fire hose” of data.
Twitter, for its part, made steady progress on the deal, even as Musk showed signs of being cold. It is now closer than ever to completion, although many regulatory hurdles remain, especially in regions like Europe.
As for Musk, he has his own problems as he works to keep Tesla from going bankrupt amid supply chain and other issues.
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Kat Bailey is senior news writer at IGN as well as co-host of Nintendo Voice Chat. Do you have any advice? DM him at @the_katbot.