The Twitter board has unanimously beneficial that shareholders vote in favor of Elon Musk’s takeover of the social media big.

Twitter’s board of administrators initially accepted the $44 billion takeover bid at $54.20 per share in late April, and shareholder approval is the ultimate hurdle to the deal going by means of bar any doubtlessly erratic antics from Musk.

Based on a June 21 U.S. Securities and Change Fee (SEC) filing, Twitter’s board of administrators unanimously decided that the “merger settlement is advisable” and have known as on shareholders to vote in favor of the deal.

The board said that Twitter will probably be internet hosting a digital assembly — at an unspecified date — to vote on the merger which has a deadline of Oct. 24.

If the merger goes by means of, shareholders will obtain $54.20 in money per share that they personal, and with Twitter inventory TWTR priced at $38.91 on the time of writing, the deal would mark a premium of roughly 39%.

The takeover seemed to be up within the air earlier this month after Musk took purpose on the Twitter board for not offering information regarding the variety of pretend customers on the platform, and he threatened to withdraw his bid if the information wasn’t handed over.

The board has since agreed to share information with Musk, and the difficulty has been resolved. Many onlookers believed that Musk was making an attempt to get out of the deal because of the share value fall because the takeover supply was first made.

A sign that Musk significantly intends to push ahead along with his takeover got here on June 16, when the Tesla CEO addressed workers for the primary time in a Q&A session regarding his plans for the corporate transferring ahead.

Based on a leaked transcript of the decision revealed by Vox, Musk steered that he may very well be seeking to combine a bunch of digital funds into the service, together with crypto:

“I feel it might make sense to combine funds into Twitter in order that it’s simple to ship cash forwards and backwards. And in case you have foreign money in addition to crypto. Primarily, every time someone would discover it helpful.”

“So my objective can be to maximise the usefulness of the service — the extra helpful it’s, the higher. And if one can use it to make handy funds, that’s a rise in usefulness,” he added.

Bots and verifying accounts was additionally one other situation he highlighted, with Musk outlining the worth of introducing paid verified accounts to allow customers to distinguish between actual and faux customers.

Elon Musk will get hit with ‘ridiculous’ $258B Dogecoin lawsuit

Musk highlighted there being “various crypto scams on Twitter” as being of the important thing causes to introduce such a function.

The problem is very near house for the Dogecoin proponent, given {that a} sequence of deepfake movies utilizing his likeness to advertise crypto scams lately circulated on the social media platform.