San Francisco: After Elon Musk fixed some ‘unresolved matters’ with Twitter, the company’s board has recommended a $44 billion buyout.
In a fresh regulatory filing with the US Securities and Exchange Commission (SEC) on Tuesday, Twitter’s board of directors unanimously recommended that shareholders approve a proposed $44 billion buyout of the micro-blogging platform. Tesla CEO Musk,
The board has “unanimously recommended that you vote (for) to adopt the merger agreement”, it said in the filing.
,Twitter’s Board of DirectorsAfter considering the factors more fully described in the attached proxy statement, it was unanimously determined that the merger agreement is reasonable and that the merger and other transactions contemplated by the merger agreement are fair, reasonable and in the best interest of Twitter and its shareholders.” The company said.
Twitter shares jumped nearly 3 percent to $38.60.
Musk said on Tuesday that there were still some “unresolved matters” with Twitter before moving forward with a $44 billion acquisition deal.
Addressing the Qatar Economic Forum, the world’s richest man said that he is still waiting to know the presence of the actual number of bots on the platform.
“The question is whether the debt portion of the round will come together and then will the shareholders vote in favor,” he said.
He said he would focus on “running the product” on Twitter and doesn’t want to be the CEO of the micro-blogging platform.
Angered by the presence of fake users and bots on Twitter, Musk stalled a $44 billion acquisition deal in May.
Musk said he does not believe Twitter’s findings, which claim that false or spam accounts represent less than 5 percent of its monetized daily active users (229 million).
He said Twitter’s algorithm can tamper with users and has “very bot-friendly” rules.
Musk also asked the US SEC to investigate whether Twitter’s claim on the number of its user base is true.