Twitter Board Unanimously Recommends Elon Musk 's $44 Billion Takeover Bid

After a series of delays, Twitter’s board just voted unanimously to reccomend Elon Musk’s $44 billion takeover of the company at $54.20 a share. 

According to Fox Business: 

„The Twitter Board, after considering various factors described in the section of this proxy statement captioned „The Merger— Recommendation of the Twitter Board and Reasons for the Merger,“ has unanimously: (1) determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders; and (2) adopted and approved the merger,“ the company said in a Securities and Exchange Commission filing on Tuesday. 

The filing comes as Musk said in an interview Tuesday at the Qatar Economic Forum that shareholder approval was one of three „unresolved matters“ that stands in the way of the deal. In addition to shareholder approval, Musk said that debt financing for the deal would need to come together. The billionaire has pledged $33.5 billion in equity financing and has received commitments from Morgan Stanley Senior Funding Inc. and other financial institutions for up to $13 billion in debt financing. 

 

Another unresolved matter has to do with the number of fake accounts on the platform. Last month Musk said that the Twitter deal was one hold until he can confirm that fewer than 5% of users on the platform are spam/fake accounts. 

Twitter’s stock price is relatively flat on the news, up just over a percent to $38.4 a share as of writing, well below the $54.20 buyout price, suggesting that the market is implying the deal has roughly a 70% chance of materializing. 

Musk had his first „all-hands meeting“ with Twitter last week, where Musk outlind his pro-free speech vision for the website. 

Twitter’s employees, who overwhelmingly support leftist causes, freaked out in the company’s internal messaging channels at seemingly everything Musk said, whether it be his commitment to free speech, his belief that „all lives matter,“ or anything else.  

„Queer people cannot trust this man“ read one message from the company’s internal Slack channel leaked by Project Veritas. Other messages questioned why anyone thinks Musk is smart, mocked him for describing himself as a moderate, and critisized his support of Mayra Flores and Gov. Ron DeSantis.

Also last week, a number of employees at Musk’s SpaceX penned an open letter to him critisizing his „behavior in the public sphere,“ and were all promptly fired.

Perhaps Twitter is about to see a house cleaning soon.

Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros

 

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