Twitter's Board of Directors Approves Musk Takeover Deal
Twitter’s board of directors recommended that shareholders approve the proposed $44 billion sale of the company to billionaire Elon Musk. The US Securities and Exchange Commission (SEC) filing stated Twitter’s board believed the merger was fair, advisable, and in the best interests of Twitter and its stockholders.
Musk said the approval of the deal by Twitter’s shareholders was one of three unresolved matters. According to US news site CNBC, shareholders were expected to vote on the deal, which Musk first proposed in April, in late July or early August. He also cited his ongoing concerns about the number of fake accounts on Twitter which the social media company sought to address earlier this month by providing Musk with data on users’ devices and information on associated accounts.
Musk stated at the Bloomberg event he was also concerned about the amount of debt he would be required to take on to finance the deal. Reuters reported last month that Musk planned to pay $33.5 billion in cash to fund the deal while using debt financing to cover the rest, but a group of private equity firms led by Apollo Global Management put those talks on hold.