Twitter Board Tells Shareholders To Okay Musk Buyout

June 21, 2022 Business, Social Media

USA Today reports:

Twitter’s board has recommended unanimously that shareholders approve the proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk, according to a regulatory filing with the U.S. Securities and Exchange Commission (SEC) Tuesday. Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees, though shares of Twitter remain far below his offering price, signaling considerable doubt that it will happen.

CNBC reports:



Speaking at an event hosted by Bloomberg on Tuesday, Musk said there were a number of “unresolved matters” that will need settling before he can move forward with the takeover. Musk says he wants more clarity from Twitter on how many of its users are genuine. The second major roadblock facing the Twitter transaction, according to Musk, is the portion of debt required to finance it. The final hurdle for Musk to clinch his acquisition is approval from Twitter’s shareholders.

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