Twitter “unanimously recommends that you vote [for] the adoption of the merger agreement,” said the board.
QUICK FACTS:
- Twitter’s board of directors agreed to Elon Musk’s $44 billion-dollar proposal to purchase the media platform after months of hesitation.
- Musk’s $44 billion offer is significantly greater than Twitter’s worth, shareholders profiting $54.20 per share at an original value of $15.22 per share.
- Despite the hefty difference in value, Musk desired to proceed with the purchase, believing Twitter needed to be “transformed as a private company.”
- The Twitter board recently told the US Securities and Exchange Commission that it “unanimously recommends that you vote [for] the adoption of the merger agreement.”
- Musk’s goal in acquiring the media giant is to uncover its “extraordinary potential” as a platform, highlighting its ability to be a center of free speech.
ELON MUSK’S PURCHASE ISSUES :
- Elon Musk voiced his concerns to the media giant regarding the number of bots hosted on Twitter, desiring a clear differentiation of genuine users versus fake or spam accounts.
- Bots are programmable agents present on social media platforms created to manipulate opinions through social media “likes” and mirror human behavior, giving the appearance of a real user.
- Numerous Twitter employees have also stated their desire to leave the company if Musk’s offer goes through due to fear of hate speech that might be allowed on the platform.
BACKGROUND:
- Elon Musk was first reported in an offer to Twitter in April 2022, when he wrote a letter to Twitter Chairman Bret Taylor stating his belief that “free speech is a societal imperative.”
- Musk has also spoken out against Twitter’s leftism, calling for the platform to be neutral regarding politics, including its banning of political figures, namely Republicans.
- The Twitter board’s filing to the SEC can be found here.
