: Twitter board recommends bn buyout by Elon Musk #IndiaNEWS #Science San Francisco, June 22 | As Elon Musk fixes a few unresolved matters with Twitter, the companys board has recommended the

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Twitter board recommends bn buyout by Elon Musk #IndiaNEWS #Science
San Francisco, June 22 | As Elon Musk fixes a few unresolved matters with Twitter, the companys board has recommended the billion buyout.
In a fresh regulatory filing with the US Securities and Exchange Commission(SEC) on Tuesday, Twitters board of directors recommended unanimously that shareholders approve the proposed billion buyout of the micro-blogging platform to Tesla CEO Musk.
The board unanimously recommends that you vote (for) the adoption of the merger agreement, it said in the filing.
Twitters Board of Directors, after considering the factors more fully described in the enclosed proxy statement, unanimously determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders, the company said.
Twitter shares jumped around 3 per cent to reach .60 each.
Musk on Tuesday said that there are still a few unresolved matters with Twitter before he moves ahead with his billion takeover deal.
Addressing the Qatar Economic Forum, the worlds richest man said that he is still waiting to know the presence of the actual number of bots on the platform.
There is the question of, will the debt portion of the round come together and then will the shareholders vote in favour, he said.
He said he will focus on driving the product at Twitter and does not want to become the CEO of the micro-blogging platform.
Annoyed at the presence of fake users and bots on Twitter, Musk in May put the billion takeover deal on hold.
Musk said he does not believe in Twitter findings, which claim that false or spam accounts represent fewer than 5 per cent of its monetisable daily active users (229 million).
He said that Twitters algorithm might be manipulating users and has very bot-friendly rules.
Musk also asked the US SEC to probe whether Twitters claim on the number of its user base is true.
Source: IANS

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