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Twitter backs Elon Musk's takeover
Twitter's board of directors has unanimously recommended shareholders approve Elon Musk's takeover of the social networking platform.
At the end of April 2022, Twitter's board of directors accepted a $44 billion takeover bid at $ 54.20 per share. However, shareholder approval is the final hurdle that could make the deal unsuccessful.
According to U.S. Securities and Exchange Commission (SEC) filings, on June 21, Twitter's board of directors unanimously determined that "a merger deal is recommended." At the same time, they urged shareholders to vote in favor of the deal.
Twitter will hold an online meeting in the nearest time to vote on the merger with a deadline of October 24.
If the merger is successful, shareholders will receive $54.20 in cash for each share they own. For Twitter's TWTR stock, which currently costs $38.91, the deal would mark a return of about 39 percent.
Elon Musk threatens to cancel Twitter deal
Elon Musk took over Twitter in early June. Musk has accused Twitter's board of failing to provide data related to the number of fake users on the platform. He threatened to withdraw his bid if the data was not handed over.
Since then, the board has agreed to share the data with Musk. It is widely assumed that Musk is looking to pull out of the deal due to a falling share price since the takeover offer was first made.
Payments are integrated on Twitter
On June 16, tesla's CEO expressed his intention to push ahead with the Twitter takeover. He shared with his employees about his plans with the company in the future:
"I think it makes sense to integrate payments into Twitter to easily send money back and forth. And if you have currency as well as cryptocurrencies. Basically, whenever someone will find it useful."
According to information from Vox, Musk is looking to integrate a wide range of digital payments into the service, including cryptocurrencies.
"So my goal is to maximize the usefulness of the service – the more useful it is, the better. And if someone can use it to make convenient payments, then that will increase the usefulness." He added.
Account verification feature launched
Bots and account verification are also another issue of particular concern to him. Musk outlined the value of introducing paid verified accounts to help distinguish between real and fake users.
Musk emphasized that cryptocurrency scams on Twitter are one of the main reasons to introduce such a feature.
This issue is especially important for the home for dogecoin proponents. Earlier, a series of fake videos using his image were used to promote cryptocurrency scams circulating on the social media platform.
Read more: Elon Musk buys DOGE despite falling prices and cryptocurrency winter
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