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Twitter board approves Elon Musk’s $44bn deal

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Elon Musk

The board of directors of the microblogging platform, Twitter, on Tuesday unanimously approved the completion of the platform’s takeover by Tesla Founder, Elon Musk.

The South-African-born billionaire had in April offered $44billion to the board to complete the deal.

The board conveyed its decision to the shareholders of the microblogging site through a document filed with the United States Securities and Exchange Commission (SEC).

The board members informed shareholders to accept the deal as investors’ decision is one of the factors delaying the completion of the deal.

Another factor preventing the deal from scaling through was the disagreement over the percentage of bot or fake accounts existing on the social media platform, as Musk expressed doubt the 5 percent reported by the board.

READ ALSO: Twitter shareholders to vote on Elon Musk’s deal, grant his bot accounts request

The world’s richest man suspected that the number of spam accounts was more than the Twitter management made him and the public believe, saying the company must provide facts backing its claim.

He hinted that if the bot accounts are discovered to be more, the amount he offered to acquire the company would be reduced based on the percentage discovered.

Musk also accused the Twitter management of keeping the followers’ data away from him.

But Twitter has agreed to grant him access to the users’ database and plans to hold a shareholders’ meeting in July or early August to decide on Musk’s offer.

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