According to a fresh set of federal paperwork, Elon Musk has boosted the personal investment he’s putting down to acquire Twitter to $33.5 billion. According to the documents, Musk is in talks with Twitter co-founder and former CEO Jack Dorsey, as well as other Twitter stockholders, about contributing shares to aid Musk’s takeover effort.
Since Musk announced a month ago that he planned to buy Twitter and take it private, the social media site has been in turmoil. He was able to secure $46.5 billion in financing for his unsolicited proposal, depending on loans and $21 billion in personal equity. He went on to say that he will offer an additional $6.25 billion in equity funding. He’s now committed $6.25 billion more.
Musk, on the other hand, has recently suggested that the deal is “on hold,” citing a large number of false accounts on Twitter as a reason. In the meantime, some of Twitter’s top executives have been fired in recent weeks.
Meanwhile, Dorsey resigned from Twitter’s board of directors on Wednesday, the business confirmed to ZDNet. When Dorsey stepped down as CEO of Twitter in November of last year, the business indicated he would quit the board when “his term expires at the 2022 meeting of stockholders,” according to a Twitter representative.
Shareholders decided to remove Silver Lake co-CEO Egon Durban from the board of directors at Twitter’s annual shareholder meeting on Wednesday, as CNBC previously reported. Durban had submitted his resignation to the board, according to a spokesman, and the board “will swiftly examine” whether to accept it.
In other developments, Twitter was fined $150 million by the US Federal Trade Commission on Wednesday for falsely manipulating account security data for targeted advertising. According to the government, approximately 140 million Twitter users supplied their phone numbers or email addresses to the firm for security purposes between 2014 and 2019. The FTC claimed that Twitter, on the other hand, failed to mention that it would be utilized for targeted advertising.
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