Elon Musk will personally commit $33.5 billion to his $44 billion takeover of Twitter | Elon MuskTwitter

An SEC filing dated May 24 suggests Musk will increase his commitment to his Twitter takeover bid to $33.5 billion.

The takeover attempt has been underway for quite some time. Twitter tried to block Musk’s takeover in mid-April, but on April 25, Elon Musk managed to strike a $44 billion deal with Twitter, including a $12.5 billion personal pledge.

Later, on May 4, Musk’s pledge grew to $27.25 billion, after raising funds from various other sources.

The deal itself is now on hold as Musk says he won’t pursue the takeover until it’s proven that less than 5% of Twitter users are spambots or fake users. Nevertheless, today’s news indicates that Musk is still interested in buying Twitter.

Shareholders meeting held today

Twitter also held its shareholder meeting yesterday, May 25. During that meeting, Twitter CEO Parag Agrawal explicitly stated that executives would not answer any questions about the takeover.

However, the assembly still discussed Musk. According to a report from the Associated Press, “shareholders submitting proposals to vote have frequently invoked his name“. Many of those votes were about free speech and content policies — concerns Musk highlighted in his previous bid.

In addition, Jack Dorsey left the board of directors of Twitter at the end of the meeting. Jack Dorsey stepped down as CEO of Twitter in 2021, but remained on the company’s board until today.

Twitter’s stock briefly jumped in the hours after the meeting, rising 10% from $36.89 to $40.50. It is now valued at $37.16.

Twitter’s Cryptocurrency Lawsuits

Musk and Dorsey are both heavily involved in cryptocurrencies, and Twitter’s leadership will likely affect its policies on the matter. Last year, under Dorsey’s leadership, Twitter introduced cryptocurrency tipping and launched a dedicated cryptocurrency division. Musk, meanwhile, seems to have plans for Twitter as well. In particular, he alluded to payments in Dogecoin.

His proposal even got support from Binance. The exchange brought in $500 million this month and said it intends to unite social media with Web3 and crypto.

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