Twitter Board Recommends Shareholders Approve Musk Twitter Bid
Twitter has changed its tune – they now want to get the Twitter deal done as soon as possible.
The Twitter board just unanimously voted to recommend shareholders approve Elon Musk’s Twitter bid.
— Benny Johnson (@bennyjohnson) June 21, 2022
Twitter’s board of directors has unanimously recommended to shareholders that they approve Elon Musk’s $44 billion offer to take over the company.
In a regulatory filing on Tuesday morning, Twitter’s board urged shareholders to approve the buyout at Musk’s proposed price of $54.20 per share during a special meeting later this year.
Though Musk has threatened to pull out of the merger agreement he signed on April 25, citing concerns over fake accounts, Twitter’s board has insisted that it will enforce the terms of the agreement.
Texas AG Ken Paxton announced an investigation into Twitter to see if they’re lying about the number of bots on the platform. That is what has been holding up the deal.
Texas Attorney General Ken Paxton on Monday announced an investigation against Twitter to determine whether they’re lying about the number of fake bot accounts on the platform.
According to Paxton’s office, “bots” or spam accounts “inflate followers and reach, and often push deceptive and annoying activity,” Fox News reports.
“A large number of bot accounts not reduces users’ experience on the platform, but may also inflate the value of the company and the costs of doing business with it, thus directly harming consumers and businesses – specifically, Texas consumers and businesses,” according to the report.