Twitter’s Board Recommends Shareholders Vote to Approve Musk Deal
- Musk floats idea of lowering offer but board is ‘committed’
- Shareholders are scheduled to vote at May 25 meeting
Twitter Inc.’s board unanimously recommended that shareholders approve Elon Musk’s bid to take the social media company private in a $44 billion deal, eight days before they are scheduled to vote and as the billionaire entrepreneur seems to be seeking to back out or renegotiate his offer.
On Monday, Musk has floated the idea of trying to lower his initial offer of $54.20 a share, saying a deal at a lower price wouldn’t be “out of the question.” The billionaire entrepreneur is raising doubts about Twitter’s publicly disclosed data on the percentage of spam and fake accounts on its social-media service, claiming they make up more than 20% of all users. On Tuesday, Musk said he would only go ahead with his offer if Twitter can prove the number is less than the 5% the social media company has reported.