The billionaire warned on Tuesday that there are still “unsolved problems” in completing the purchase of the social network
Twitter’s board of directors unanimously approved the deal reached in late April for the sale of the company to billionaire Elon Musk and has asked shareholders to back it. Still, that doesn’t mean the buying process, which was crippled by the tycoon himself in May, has come to an end, or even that it could end with Musk owning the social network. The billionaire has warned that there are still details to make the deal effective.
“Twitter’s board of directors, after considering the factors described in more detail, has unanimously determined that the merger agreement is advisable and that the merger and other transactions contemplated in the merger agreement are fair, expedient and in the best interests of Twitter and its shareholders,” the company has notified the United States Securities Market Commission (SEC).
In this way, the board of directors of the company has recommended to vote in favor of the approval of the merger agreement at the extraordinary meeting that will be convened to submit the operation to the discretion of the shareholders. A meeting that has not yet been convened that will be adapted to the movements of the richest man in the world, who continues to demand reports supporting that the number of fake accounts in the social network is less than 5% of the total number of users.
But despite the board’s support, the Tesla owner warned on Tuesday that there are still “unresolved issues” over a purchase process that has been controversial from the start and has been agreed to, at $44,000 million (41,829 million euros).
Musk paralyzed the process and even threatened to withdraw the agreement if the company failed to provide him with documents showing that the number of fake accounts was less than 5% of the total number of users. He also accused the social network’s management of a “substantial breach” of its obligations under the merger agreement. A threat that ended with the company’s announcement to provide the billionaire with the data of all users and tweets reflected on the social network throughout his 16-year life.
But to these estimates, Musk added that to round out the decision, “the question is also whether the debt portion of the round will join and then shareholders will vote in favour,” Musk explained during an interview with Bloomberg in the context of the Qatar Economic Forum, where he assured that, in the event the purchase materializes, his intention is to “promote the product” on Twitter, although it doesn’t necessarily mean he becomes the CEO.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
