The Twitter board unanimously decided to advise shareholders to accept the acquisition of Elon Musk. This is evident from a new document that the board of the social media platform filed with the U.S. Securities and Exchange Commission on June 21.
It also states that a virtual meeting will be scheduled in the near future to vote on the acquisition, which has a deadline of October 24.
39 percent premium
If the deal goes through, Twitter shareholders will receive $54.20 per share. At the current price of $38.91, that means a premium of about 39 percent. Earlier this month, the acquisition seemed uncertain as Elon Musk had doubts about the actual number of active users on the platform. According to the successful entrepreneur, the percentage of bots was a lot higher than Twitter itself wants to admit.
The board of Twitter is after agreed with Musk’s request to share the relevant data with him. Many analysts believed that Musk started to argue about this mainly to get a better deal. On June 16, we got a first indication that the deal was back in the air after Musk shared his plans for the company in a Q&A session with the employees.
Crypto payments part of Musk’s plans
If we are to believe the session leak published by Vox, Musk plans to integrate crypto payments into the platform as well. “I think it’s smart to integrate payments into Twitter so it’s easy to send money back and forth with both fiat money and crypto,” Musk said in his first session with Twitter staff.
The sheer number of bots on the platform is also something Musk wants to address. For example, by making users pay a small fee to be verified. This way the rest can see whether it is a real user or a bot. Musk cites that the high number of crypto scams in particular is a reason to build in this functionality.
