Twitter’s board of directors has unanimously recommended that shareholders vote in favor of Elon Musk’s takeover of the social media giant.
Twitter’s board initially accepted the $44 billion takeover bid at $54.20 per share in late April, and shareholder approval is the final hurdle to the deal, exception of any potentially erratic antics from Musk.
According to a filing by the U.S. Securities and Exchange Commission (SEC) on Tuesday, Twitter’s board unanimously determined that “the merger agreement is desirable” and called on shareholders to vote in favor of the agreement.
The board said Twitter will hold a virtual meeting — on an unspecified date — to vote on the merger, with an October 24 deadline.
If the merger goes through, shareholders will receive $54.20 in cash per share they hold, and with Twitter TWTR stock priced at $38.91 at the time of writing, the deal would mark a premium of about 39%.
The takeover appeared to be in the air earlier this month after Musk took aim at the Twitter board for failing to provide data relating to the number of fake users on the platform, and he threatened to withdraw his offer if the data was not delivered. .
The board has since agreed to share data with Musk, and the issue has been resolved. Many onlookers believed Musk was trying to pull out of the deal due to the stock price falling since the first takeover bid.
An indication that Musk is serious about moving forward with his takeover came on June 16, when the Tesla CEO addressed employees for the first time during a question-and-answer session about his plans for the future of the business.
According to a leaked transcript of the call posted by Vox, Musk suggested he might consider integrating a host of digital payments into the service, including crypto:
“I think it would make sense to integrate payments into Twitter so it’s easy to send money back and forth. And if you have currency as well as crypto. Basically, every time someone would find it useful.
“So my goal would be to maximize the utility of the service – the more useful the better. And if one can use it to make convenient payments, that’s an increase in utility,” a- he added.
Bots and account verification were also another issue he highlighted, with Musk stressing the value of introducing paid verified accounts to allow users to differentiate between real and fake users.
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Musk pointed to there being “a lot of crypto scams on Twitter” as being one of the main reasons for introducing such a feature.
The problem is particularly close to home for the promoter of Dogecoin (DOGE), given that a series of deepfake videos using his likeness to promote crypto scams have recently circulated on the social media platform.