Elon Musk’s $44 billion purchase of Twitter took one step closer to completion on Tuesday. The company’s board of directors unanimously accepted his buyout offer.

During a virtual conference with Twitter members last week, Musk reaffirmed his willingness to follow forward with the acquisition, despite the fact that Twitter shares remain considerably below his offering price, indicating considerable uncertainty that it will happen.

Last month, Musk claimed he was putting the acquisition “on hold” while Twitter’s restrictions on bots and spam accounts were reviewed. Musk warned to get out of the contract unless Twitter could prove that spam and bot accounts comprise less than 5% of its daily users.

Musk has stated that he believes up to 20% of Twitter’s 229 million users are spambots, which is four times the proportion touted by the business. Through all the controversy, it appears that Elon Musk might snag the bird app after all.

Twitter’s board of directors “unanimously recommends that you vote (for) the adoption of the merger agreement,” according to a filing with the SEC on Tuesday. If the acquisition were to conclude right now, investors would make a $15.22 profit on each share they held.

What’s your take on this? Please write down in the comments below!

Smita Singha Roy

Smita is majoring in engineering and she loves to learn about new things. She is an enthusiastic and determined girl, who loves reading newspapers and is passionate about people, history, and storytelling. She watches movies to enrich her life experience and explore new perspectives. Besides, she is an artist, loves cooking, and plays the guitar.

Disqus Comments Loading...