Agencies-Gaza post
Twitter Board unanimously approves Elon Musk’s offer
The board of the social media company Twitter unanimously approved the takeover offer made by US billionaire Elon Musk, Owner of Tesla electric car maker for $44 billion.
The Board unanimously decided to recommend that the company’s shareholders accept the takeover offer.
This deal, which is expected to be completed during the current year, will result in Twitter shares being delisted from the stock exchange and transferred to a private company for $54.20 per share.
Musk had threatened earlier this month to withdraw from the deal if the company did not provide him with data on fake and annoying accounts on the platform.
In an open letter issued by his lawyers on Monday, Musk said, “Twitter has in fact refused to provide the information requested by Mr. Musk much since May 9, 2022, to facilitate the evaluation of random and fake accounts on his company’s platform.”
According to the letter, under the terms of the acquisition transaction, Twitter was required to provide data and information requested by Musk in connection with the transaction.
The letter added, “Based on Twitter’s conduct to date, and the most recent correspondence of the company, in particular, Mr. Musk believes that the company effectively resists and frustrates his information rights (and the company’s corresponding obligations) under the merger agreement.”
“This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk retains all the rights resulting therefrom, including his right not to complete the transaction and his right to terminate the merger agreement.”
Twitter itself estimates that fake accounts account for less than 5% of its user base, with CEO Baraj Agrawal confirming that the service blocks more than half a million junk accounts every day, mostly before users see them.
Agarwal warned that estimates of the number of fake accounts made by those outside the company could not be taken seriously.
