Board recommends shareholders vote in favor of Elon Musk’s acquisition of Twitter

(UKTN) — Twitter’s board of directors has unanimously recommended that the social media company’s shareholders vote to approve its sale to Elon Musk, according to a regulatory filing released Tuesday.

Twitter plans to hold a special meeting of shareholders for a vote on the acquisition, one of the final steps needed to close the deal, on a date not communicated in the coming months.

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The board said in the filing that it had determined that “none of the possible alternatives to the merger,” including remaining independent or seeking a different acquirer, were likely to be better for shareholders than the Musk deal.

The board unanimously agreed to sell the company to Musk for $44 billion in April, after the billionaire Tesla CEO became Twitter’s largest shareholder and hinted he might attempt a takeover hostile control of society. Tuesday’s filing is the latest indication that the company is moving forward with the deal as planned, despite doubts created by Musk in recent weeks.

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Musk suggested he might try to walk away from the deal due to his concerns about the number of bots and fake accounts on the platform. Musk took part in an awkward bare-knuckle meeting with Twitter employees last week in which he answered questions and discussed his plans for the company, though he didn’t explicitly reaffirm his commitment. to conclude the agreement. He said in an interview with Bloomberg on Tuesday that there were “a few unresolved issues” related to the deal, reiterating his concern about bots.

While Musk is the richest person in the world, much of his wealth is tied to Tesla stock, which has fallen sharply in recent weeks. Much of the tech sector, including social media companies, has also seen its stocks hit hard amid a broader market downturn.

Shares of Twitter continue to trade well below the $54.20 per share offered by Musk in April, suggesting investors remain skeptical of the deal or closing at this price.

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