In a document published on Tuesday (21) by the Securities and Exchange Commission (SEC), the United States securities commission, the board of directors of Twitter formalized before the shareholders a request for approval of the proposal made in April by the CEO and founder of Tesla and SpaceX, Elon Musk, to take control of the giant of the social network at a price of 44,000 million dollars, 54.20 dollars per action.
In an interview with the editor-in-chief of Bloomberg News, John Micklethwait, at the Qatar Economic Forum in Doha, the billionaire stated that a global recession is inevitable and again made the purchase of the platform uncertain, alleging the existence of “some unresolved issues”, in the case of the relationship between the number of automated bots and fake profiles on Twitter, the subject of recent taunts between the tycoon and representatives of the platform. The businessman also put the approval of the shareholders as one of the conditions for the operation to be completed.
If the merger goes through, you will be entitled to receive $54.20 in cash, without interest and subject to any applicable withholding taxes, for each of our common shares owned (unless you have properly exercised your rights). withdrawal). This amount constitutes a premium of approximately 38% to the closing price of our common shares on April 1, 2022, which was the last full day of trading before Musk disclosed his approximately 9% stake on Twitter.
The Twitter Board of Directors, after considering the factors described in more detail in the attached proxy statement, unanimously determined: (1) that the merger agreement is advisable and that the merger and other transactions contemplated by the merger agreement are fair, advisable, and in the best interest of Twitter and its shareholders; and (2) adopted and approved the merger agreement, the merger and the other transactions contemplated by the merger agreement.
The Twitter Board of Directors unanimously recommends that you vote:
(1) “For” the adoption of the merger agreement;
(2) “FOR” the compensation that Twitter will or may pay to its named officers in connection with the merger; Y
(3) “FOR” the adjournment of the special meeting, from time to time, to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to adopt the merger agreement at the time of the special meeting, the document said.
On the other side of the negotiations, Elon Musk, in addition to reaffirming that he could give up the purchase of Twitter, accused by him of hiding information, has also been blunt about his prospects for a global recession and has recognized that it is time for a slowdown, including in some areas of expansion at Tesla, which he has said will see a 10% cut in its salaried workforce in the next three months.
Among the list of supporters of the possible purchase of Twitter by Elon Musk is the CEO of the world’s largest cryptocurrency exchange, Changpeng Zhao, CZ, who conditioned his support on Musk’s commitment. On the occasion, CZ also made an assessment of the current moment of the cryptocurrency market, as reported by Cointelegraph.
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