Twitter shareholders approve its sale to Elon Musk for 44,000 million

Twitter shareholders have approved the sale of the company to Elon Musk for $44 billion.

Twitter shareholders they voted almost unanimously the approval of the agreement reached with the founder and CEO of Tesla, Elon Musk, at the beginning of the year for the purchase of the company.

As reported last night The Wall Street Journalthe index funds that control about 20% of Twitter shares have given their approval to the operation.

According to a preliminary poll of shareholders’ voting, about 98.6% of the votes cast at Tuesday’s special meeting have approved the proposal to adopt the deal, paving the way for the social network to try to legally bind the deal. tycoon to continue with the acquisition, reports Efe.

Musk originally agreed to buy Twitter, currently valued at $32 billion (€32 billion), for $44 billion (€44 billion) in April. However, the Tesla founder withdrew from the deal in July, claiming that Twitter had breached its terms.

The American tycoon abandoned the purchase of Twitter arguing that the company has underestimated the number of fake accounts on the platform and has not provided the information required to verify the accuracy of the calculations. In addition to the initial allegations, Musk now argues in his line of defense that Twitter should have had his consent to compensate former security chief Peiter Zatko with 7.75 million, who has denounced that Twitter hid relevant information about its deficiencies from regulators. in cyber defense and the number of false accounts.

Musk had been publicly questioning Twitter’s ‘bot’ numbers for weeks, which many analysts saw as an attempt to drive down the tech giant’s share price. Twitter shares plunged more than 6 percent in post-announcement trading, according to CNN.

Subsequently, through a letter sent in early June by Musk’s lawyers to the United States Securities Market Commission (SEC), the billionaire’s legal team considered Twitter’s position a “substantial breach” of its obligations under the merger agreement, so they warn that Elon Musk “reserves all resulting rights, including his right not to consummate the transaction and his right to terminate the merger agreement.”

Musk’s legal team alleged that Twitter had failed to adequately provide Musk with information to support Twitter’s claims that only 5 percent of its monetizable daily active users were spam accounts.

Twitter has already sued Musk in an attempt to force him to complete the purchase of the company for the agreed price of $44 billion. The trial between Musk and Twitter is scheduled to start on October 17 to determine whether the CEO of Tesla must comply with the purchase agreement of the social network.

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Twitter shareholders approve its sale to Elon Musk for 44,000 million