Elon Musk's buyout rollercoaster gets speed boost from Twitter's board
San Francisco, California - Elon Musk's Twitter buying rollercoaster has gotten a little speed boost from the company's board of directors, who told anyone with Twitter stock to vote in favor of the buyout deal.
Twitter's board unanimously voted on Tuesday to urge anyone with Twitter shares to approve Musk's $44 billion buyout deal, according to reports.
The board filed with the Securities and Exchange Commission and said the billionaire's bid to buy the tech giant is a fair deal, and a good idea for the company and shareholders – who are slated to vote to approve the sale in August.
Right now, the buyout would pay anyone with Twitter stock $54.20 per share, but Musk has already made noise about getting a better deal.
Twitter's bot problem
A constant complaint from Musk has been Twitter's bot and spam account problem, which he at first said he would take on. But since then, he's turned the number of bot accounts into a sticking point for his side of the bid.
On June 9, Twitter finally caved to his demands for detailed numbers on user accounts, which Musk might try to use as a bargaining chip to lower the buyout price.
But that might just be more of the noise, posturing, and ups and downs the Twitter buyout rollercoaster has consisted of.
The pressure is on, but the official fate of the Twitter buyout deal won't be decided until the upcoming shareholder vote.
Cover photo: REUTERS