Twitter formally recommends €42bn bid even as Elon Musk appears to waver

Twitter said it is 'committed to completing the transaction on the agreed price and terms as promptly as practicable'.

Twitter’s board unanimously recommended that shareholders approve Elon Musk’s bid to take the social media company private in a $44bn (€41.7bn) deal, eight days before they are scheduled to vote and as the billionaire entrepreneur seems to be seeking to back out or renegotiate his offer.

Mr Musk had floated the idea of trying to lower his initial offer of $54.20 a share, saying a deal at a lower price wouldn’t be “out of the question”. The billionaire is raising doubts about Twitter’s publicly disclosed data on spam and fake accounts, claiming they make up more than 20% of all users. On Tuesday, Mr Musk said he would only go ahead with his offer if Twitter can prove the number is less than the 5% the social media company has reported.