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BREAKING:  Twitter board backs Elon Musk’s $44B deal

By 06/21/2022 3:03 PMNo CommentsBy YidInfo Staff

On Tuesday, the board of directors of Twitter endorsed Elon Musk’s $44B deal with the U.S. Securities and Exchange Commission.

The endorsement allows Musk to step closer to officially buying the widely popular social media platform.

Based on SEC rules, a regulatory filing states that the board “unanimously recommends” that shareholders vote for “the adoption of the merger agreement.”

Before the endorsement, Musk, 50, has threatened to bail on the purchase, claiming Twitter has failed to provide him with data on how many spam and fake accounts inhabit the website.

Twitter defended that it has provided Musk with information “in accordance with the terms of the merger agreement.”

According to reports, Twitter’s current value is below the $54.20 per share that Musk offered in April, further complicating the deal’s completion.

Last month, Twitter shareholders also sued Musk last month for deflating Twitter’s stock price.

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