Elon Musk reveals 3 challenges that “need solutions” before closing the deal on Twitter

Tesla billionaire and CEO Elon Musk said there are three issues that still need to be resolved before closing the planned $ 44 billion acquisition of Twitter, announced last April.

Musk stressed during his speech at the Qatar Economic Forum that a solution has not yet been found regarding Twitter’s claim that fake accounts and spam make up less than 5% of active users, “so we’re still in waiting for a solution in that sense, ”noting that these A very important issue.

But Twitter said it “will share in cooperative way the information with Musk to complete the transaction “and the company would offer full access to more than 500 million daily tweets on the platform.

Musk also added that it was still unclear whether the debt portion of the Twitter deal would be collected, and also indicated that his offer requires shareholder approval, which are the three issues. in suspended to complete the deal, according to Yahoo Finance, which was reviewed by Al Arabiya.net. .

On Tuesday, Twitter’s board of directors recommended shareholders approve Musk’s $ 44 billion offer.

Musk’s offering of $ 54.20 per share for Twitter includes $ 27.25 billion in equity financing, $ 6.25 billion in margin loans and $ 10.5 billion in debt financing.

Musk, who is currently the richest person in the world, has received funding from Oracle co-founder Larry Ellison, Prince Alwaleed bin Talal, Qatar sovereign wealth fund, Sequoia Capital, cryptocurrency exchange Binance and a16z, a company of venture capital founded by Mark Andreessen and Ben Horowitz.

Meanwhile, Twitter is expected to determine a shareholder vote on Musk’s offer by the end of the summer.

The company’s board of directors unanimously recommended that shareholders vote in favor of the agreement.

Twitter Shares Up More Than 2% On Tuesday in a broader market rally, but they were still trading at less than $ 39 per share, nearly 30% below Musk’s offer price, underlining investors’ lingering doubts about closing the deal.

“Overall, the approach should be to allow people to say what they want … but decide who sees it in based on the preferences of Twitter users, ”Musk said.

Ideally, he said, he would like to get 80 percent of North Americans or “half of the world’s population” on Twitter in some way.

Musk was also asked if he intends to become the CEO of Twitter, and he replied: “I will drive the product, which I do. in SpaceX and Tesla, regardless of whether they call me CEO or something else that is far less important than my ability to steer the product in the right direction. “.

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