The Twitter board, according to a SEC filing today, unanimously asked shareholders at an upcoming special meeting to approve Elon Musk’s $ 44 billion bid to acquire the social media giant.
The official recommendation takes Musk’s purchase of the company a step closer to its completion, just weeks after the world’s richest man flirts to leave the deal.
Board members said in the presentation of the Securities and Exchange Commission that the proposed acquisition is “advisable and in the best interest of Twitter and its shareholders.” Musk’s bid was for Twitter shareholders to be compensated with $ 54.20 per share. At the time of writing, shares were up about 3% a day to nearly $ 39.
If completed, the purchase could become an important milestone for cryptography. In the months following Musk’s April bid, the billionaire stressed that integrating payment services – possibly Dogecoin – with the platform is one of the three “critical areas” that he intends to prioritize once he takes over the private company. . Musk has repeatedly stated that he intends for Twitter to allow payments in both cryptography and fiat.
Last week, while conducting a question and answer session with Twitter employees, Musk again committed to that goal.
“The money is basically digital right now,” he told Twitter staff. “It makes sense to integrate payments on Twitter to make it easy to send money back and forth.”
While a leading cryptography enthusiast, Musk has also expressed concern about certain elements of the online presence of cryptography. At the same Twitter employee event last week, the CEO of Tesla and SpaceX lamented the prevalence of cryptographic scams on Twitter, and has previously criticized the platform’s NFT integration.
But Musk’s most-cited Twitter-related grievance has been the prevalence of bots and spam. Earlier this month, Musk’s lawyers sent a letter on Twitter stating that the company was violating the terms of the merger by failing to disclose exactly how much of its user base was bot accounts and spam. Since then, Twitter has given Musk access to a “data sleeve” that includes every tweet ever written.
Experts saw this move largely as an attempt by Musk to get leverage to renegotiate a better deal.
Want to be an expert in cryptography? Get the most out of Decrypt right in your inbox.
Get the most important cryptography news + weekly summaries and more!