A filing with the Securities and Exchange Commission is now available to the public. Twitter’s board has unanimously approved the sale of Twitter shares to Elon Musk.
The filing is available on the SEC website. It clearly states that Twitter’s Board of Directors feels that the sale is in the shareholders’ best interests.
After considering all the factors detailed in the proxy statement, Twitter’s Board of Directors unanimously determined: (1) determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable, and in the best interests of Twitter and its stockholders; and (2) adopted and approved the merger agreement, the merger and the other transactions contemplated by the merger agreement.
The Board of Directors of Twitter unanimously recommends you vote:
(1) “FOR” the adoption of the merger agreement;
(2) “FOR” the compensation that will or may become payable by Twitter to its named executive officers in connection with the merger; and
(3)“FOR” the adjournment of the special meeting, from time to time, to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to adopt the merger agreement at the time of the special meeting.
Next, the shareholders will vote on the sale. This would be the last step in Elon Musk’s acquisition of the social media giant.
This filing comes one week after Musk met with Twitter employees virtually and months after he declared his intention to purchase Twitter and make it private in the hope of reestablishing Twitter as a platform of free expression.
Musk’s buyout has been met with skepticism by Left-leaning activists and politicians. They have even gone so far as to call him a white supremacist and mentally unstable. The board of directors recognizes that this deal is the best for investors, despite some resistance seen in leaked communications by staff.
Musk would be the chief executive of one of the largest social media platforms online if shareholders approve the sale.