By: George William
The company’s board of directors unanimously approved his buyout offer on tuesday, according to an SEC filing.
Shares of Twitter were up by just under 1% in the early morning hours on Tuesday, selling for slightly more than $38 a share.
The regulatory filing comes just days after Musk held a virtual, all-hands meeting with Twitter employees — the latest sign that Musk is serious about following through on his acquisition plans.
Last month, Musk said he was putting the deal “on hold” pending a review of Twitter’s policies as it relates to bots and spam accounts.
Musk threatened to cancel the deal unless Twitter offered definitive proof that less than 5% of its daily users are spam and bot accounts.
In recent statements, Musk said that he estimated that as much as 20% of Twitter’s 229 million users are spambots – four times the figure touted by the company.
In a filing with the SEC on Tuesday detailing a letter to investors, Twitter’s board of directors said that it “unanimously recommends that you vote (for) the adoption of the merger agreement.”
If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own.