Twitter Board unanimously approves acquisition of Elon Musk

Elon Musk’s acquisition of Twitter is one step closer to completion after Twitter’s board of directors voted unanimously to approve the pending deal. The proposal now goes to the social media giant’s shareholders, who will vote on whether or not to approve the deal at a special shareholders’ meeting, according to a new Securities and Exchange Commission. [SEC] submission discovered by TechCrunch.

Shareholders will be able to determine whether to approve Musk’s $44 billion offer at the meeting, which will be held before the end of the year. If they do, Twitter shareholders will be entitled to $54.20 in cash for each share of the stock they own, the amount it was valued at on the last full trading day before Musk disclosed its nine percent stake.

In the filing, Twitter’s board of directors advised shareholders to vote in favor of the merger agreement while also agreeing to the fee.

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Musk, meanwhile, will be that much closer to adding Twitter to his assets, including Tesla and SpaceX. Musk has said he plans to take Twitter private, roll back moderation efforts and make the platform more profitable. He also confirmed that he would reverse 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 spam bots and fake accounts on the platform, which the company says hovers around 5 percent. Earlier this month, Musk threatened to walk away from the deal, alleging Twitter breach of contract, prompting Twitter to give him access to its “full fire hose” of data.

Twitter, for its part, has made steady progress with the deal, even as Musk has shown signs of cold feet. It is now closer than ever to completion, although there are still many regulatory hurdles, especially in areas such as Europe.

As for Musk, he has his own issues as he tries to keep Tesla from going bankrupt amid supply chain and other issues.

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Kat Bailey is Senior News Editor at IGN and co-host of Nintendo Voice Chat. Do you have a tip? Send her a DM at @the_katbot.

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