Twitter’s board of directors advised the social network’s shareholders to accept a deal to sell the platform to Elon Musk. This is stated in documents sold to the US Securities Commission (SEC). When the final vote will take place has not yet been determined, but is expected in the coming months.
“After considering all factors, Twitter’s board of directors has determined that the merger agreement is reasonable and in the best interests of Twitter and its shareholders.”management said in a statement.
The document also confirmed the details of the agreement between Musk and Twitter shareholders. The securities are expected to sell at $54.20 each, representing a 38% premium to the share price on April 1, 2022. The total amount of the transaction is US$44 billion.
In early June, Musk’s lawyers threatened to scrap the deal for not disclosing information about the service’s target audience. The businessman was interested in the percentage of spam bots and fake accounts on the platform, but representatives of the social network allegedly did not provide any relevant information. In an interview with Bloomberg, Musk also reiterated concerns about the service’s target audience.