Twitter board recommends shareholders vote for Musk purchase

Twitter's board determined Musk's offer was the best for shareholders

Twitter’s board of directors unanimously recommended that shareholders approve Elon Musk’s proposed acquisition of the company for $44 billion USD.

The news came via a regulatory filing on June 21st, reported by CNN Business. Twitter plans to hold a special shareholder meeting in the coming months to vote on the acquisition. CNN notes that the vote is one of the final steps needed to close the deal.

In the filing, the Twitter board said it determined none of the alternatives to the Musk acquisition would be better for shareholders. Alternatives included staying independent or pursuing another acquisition.

The filing comes after the Twitter board unanimously agreed to sell the company to Musk in April. However, Musk has repeatedly threatened to cancel the deal in the weeks since.

Most notably, Musk suggested he would walk away from the deal over Twitter’s alleged refusal to provide data about the number of fake accounts and bots on the platform. Twitter later offered Musk the access he requested.

Although the board thinks Musk’s offer is the best option for shareholders, it’s unclear if it’d be good for Twitter employees. Musk indicated he’d lay off Twitter employees following the acquisition in a recent meeting with company employees.

Source: CNN Business