Twitter’s board has unanimously recommended shareholders vote for the takeover of the social media giant by Elon Musk.

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Twitter’s board of directors originally accepted a $44 billion takeover bid at $54.20 a share at the end of April, and shareholder approval is the latest hurdle to a deal, barring any potentially unsustainable antics from Musk.

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According to the US Securities and Exchange Commission (SEC) dated June 21. registrationTwitter’s board of directors unanimously decided that “the merger agreement is appropriate” and urged shareholders to vote in favor of the deal.

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The board said Twitter will hold a virtual meeting — on an unspecified date — to vote on the merger, with a deadline of October 24.

If the merger goes through, shareholders will receive $54.20 in cash for each share they own, and given that Twitter TWTR shares are worth $38.91 at the time of writing, the deal would represent a premium of around 39%.

A takeover seemed to be in the air earlier this month after Musk targeted Twitter’s board for failing to provide data regarding the number of fake users on the platform and threatened to withdraw his application if the data was not released. .

Council since then agreed share the data with Musk and the problem was solved. Many observers believed that Musk was trying to get out of the deal as a result of the share price drop since the first takeover bid.

A sign that Musk was serious about pushing his takeover came on June 16, when Tesla’s CEO first addressed employees in a question-and-answer session about his plans for the company.

According to a leaked transcript of the call released by Vox, Musk suggested that he might try to integrate a variety of digital payments into the service, including cryptocurrencies:

“I think it would make sense to integrate payments into Twitter so that you can easily send money back and forth. And if you have currency as well as crypto. Basically, whenever someone might need it.”

“So my goal would be to maximize the usefulness of the service — the more useful it is, the better. And if you can use it to make convenient payments, it increases utility,” he added.

Another issue he highlighted was bots and account verification, with Musk highlighting the value of introducing paid verified accounts so that users can distinguish between real and fake users.

Elon Musk faces ‘ridiculous’ $258 billion Dogecoin lawsuit

Musk stressed that “quite a lot of cryptocurrency scams on Twitter” is one of the main reasons for introducing such a feature.

This issue is especially relevant for a Dogecoin proponent, given that a series of deepfake videos have recently been circulated on social media using his likeness to promote a crypto scam.