Elon Musk’s takeover of Twitter is one step closer to completion after Twitter’s board unanimously voted to approve the pending agreement. The proposal will now go to the social media giant’s shareholders, who will vote on whether to approve the agreement at a special shareholders’ meeting, according to a new Securities and Exchange Commission [SEC] archiving uncovered by TechCrunch.
The meeting, which will be held before the end of the year, will allow shareholders to decide whether to approve Musk’s $ 44 billion offer. If they do, Twitter shareholders will be entitled to $ 54.20 in cash for each share of the stock they own, which was the amount it was valued at the last full trading day before Musk revealed its nine percent stake.
In the submission, Twitter̵[ads1]7;s board recommended that shareholders vote in favor of the merger agreement while accepting the compensation.
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Musk, meanwhile, will be so much closer to adding Twitter to its holdings, which include Tesla and SpaceX. Musk has said he plans to take Twitter privately, roll back moderation work and make the platform more profitable. He also confirmed that he would reverse the ban on former President Donald Trump.
Since making the offer, Musk has complained that Twitter is not doing enough to expose the true number of spam bots and fake accounts on the platform, which the company says fluctuates around 5 percent. Earlier this month, Musk threatened to walk away from the deal, claiming that Twitter was in breach of contract, prompting Twitter to give him access to his “full fire hose” of data.
Twitter, for its part, has progressed steadily with the agreement, although Musk has shown signs of cold feet. It is now closer than ever to completion, although many regulatory obstacles remain, especially in areas such as Europe.
As for Musk, he has his own problems while working to prevent Tesla from going bankrupt due to supply chain problems and other problems.
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Kat Bailey is a senior news editor at IGN, as well as co-host of Nintendo Voice Chat. Do you have a tip? Send her a DM on @the_katbot.