June 27, 2022

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Twitter unanimously recommends accepting Elon Musk's offer

Twitter unanimously recommends accepting Elon Musk’s offer

June 22 2022 07:50

Twitter’s board of directors unanimously approves billionaire acquisition offer
Elon Musk, owner of electric car maker Tesla, is worth $ 44 billion. The panel unanimously decided to nominate the company’s shareholders to accept the acquisition offer.

The deal, which is expected to close in the current year, will lead to the removal of Twitter shares from the stock market and the conversion of the stock to a private company for $ 54.20 per share.

Earlier this month, Musk threatened to pull out of the deal if the company did not provide him with data on fake and spam accounts on the platform.

“Indeed, in order to facilitate the rating of random and fake accounts on his company’s site, Mr Musk has refused to provide frequently requested information since May 9, 2022,” Musk said in an open letter released by his lawyers on Monday.

The letter stated that in accordance with the terms of the acquisition agreement, Twitter was required to provide the data and information requested by Musk in connection with the agreement.

Twitter estimates that less than 5% of its user sites have fake accounts, and CEO Baraj Agarwal confirms that the service blocks more than half a million unwanted accounts every day, before most of them are viewed by users.

Agarwal warned that estimates of the number of fake accounts could not be taken seriously by outsiders.

Source: db a

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