After weeks of stagnation and little movement on Elon Musk’s supposed acquisition of Twitter, a new development occurred on Tuesday that gave hope to every free speech absolutist.
On Tuesday, Twitter’s board of directors announced they will unanimously recommend Elon Musk’s deal to purchase the social media platform to shareholders. The Tesla CEO proposed $44 billion for the company, and shareholders will be urged to accept at the recommendation of Twitter’s board.
According to a filing with the U.S. Securities and Exchange Commission, the social media platform’s board of directors said it “unanimously recommends that you vote (for) the adoption of the merger agreement.”
Twitter’s stock experienced a 3% rise pricing each share at $38.98 Tuesday morning before Wall Street rang the opening bell. However, the price remains far less than Musk’s initial offer of $54.20 per share. The last time the company saw that level was last April when it offered Musk a seat on the board before he offered to purchase the platform.
However, if the merger went through today, investors would only pocket $15.222 profit for each share. [source: The Daily Wire]
Although Musk told Twitter employees last week he plans to move forward with the purchase, he said in a virtual interview at the Qatar Economic Forum Tuesday the merger would need to see three issues resolved before following through with the transaction.
“With respect to the Twitter transaction,” he said. “What I can say publicly . . . given that is somewhat of a sensitive matter, I will have to be measured in my responses here such as not to generate incremental lawsuits.”
Musk said the company needs to identify the number of fake and spam accounts on the platform if the debt portion round will come together, and if the shareholders will vote in favor of the transaction.
Twitter’s CEO announced late last week they will be opening up all data servers for Musk and his team to analyze. This will paint a clearer picture for the Space X CEO as to just how many Twitter users are in fact actual human beings and not spam bots.
Meanwhile, free speech advocates are clamoring for the deal to go through as Musk currently represents the last saving grace against Big Tech censorship.
Author: KiKi Granger