Musk Reveals Spam, Pot Action on Twitter behind Takeover Bid Delay

Elon Musk said on Tuesday that there are various issues to complete his $44 billion Twitter-takeover bid, Bloomberg reported.

Musk explained that the emergence of spam and bot accounts on the platform is “still a very significant matter," adding: "And of course there is the question of, will the debt portion of the round come together, and then will the shareholders vote in favor.”

Furthermore, the Tesla owner expressed that he would handle the operations in Twitter as he does at Tesla and SpaceX.

He continued: “Ideally, I’d like to get like 80% of North America and perhaps, I don’t know, half the world or something ultimately on Twitter in one form or another,” Tesla owner said. “And that means it must be something that is appealing to people. It obviously cannot be a place where they feel uncomfortable or harassed or they’ll simply not use it.”

The Twitter board urged shareholders to approve the proposal of Elon Musk to takeover 100% of the company for $44 billion, Daily Mail reported on Tuesday.

Musk asserted his will to takeover the social media company last week during a virtual meeting with Twitter employees, however, the shares of Twitter are still below his offering price.

The company’s shares jumped by 3% to record $38.98 before the opening bell Tuesday. While Musk’s offer included that the price of the share would be $54.20 per share.

Twitter’s board of directors expressed that it “unanimously recommends that you vote (for) the adoption of the merger agreement.”

If the investors and shareholders accept the deal right now, they would profit $15.22 for each share.