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Twitter Shareholders Vote to Approve $44 Billion Acquisition of Company by Elon Musk

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Shareholders of the social network Twitter held a vote in which the majority approved that the CEO of Tesla and Space X Elon Musk acquire the company at $ 54.20 per share as agreed in April, despite the billionaire’s attempts to cancel.

Shareholders of the technology company Twitter have voted to approve Elon Musk’s $44 billion acquisition of the company agreed to last April.

The company said on Tuesday, September 13, that it has a sufficient number of shareholder votes to approve the acquisition at $54.20 per share, according to a preliminary tally.

Twitter accepted in April the offer of the CEO of Tesla and Space X Elon Musk to acquire the company and take it private, which had to go through a process of five to six months to be finally approved.

In early July, Musk’s negotiating team canceled the offer, alleging “substantial” breaches of clauses in the platform contract. Lawyers said the company refused to provide necessary information about the fake accounts on the platform.

Musk has since filed three separate termination notices in an effort to walk away from the deal. On September 9, its legal representatives said that Twitter violated the merger agreement when it reached an agreement to pay $7 million in damages to the company’s former security chief Peiter “Mudge” Zatko, who said that the social network misled users. investors about the number of bots on the platform, not deleting user data, and having poor security practices.

Twitter said in response that spam and fake accounts make up less than 5% of its users, calling the termination notices “invalid and incorrect.” It said the payments to Zatko did not violate any of its obligations under the Elon Musk takeover proposal. The social network also previously sued Musk in the Delaware Chancery court in order to meet the established price and terms.

Elon Musk and Twitter will go to trial on October 17 in Delaware to resolve the cancellation attempt, unless they reach an agreement sooner.


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