Home Tech Twitter shareholders approve $44 billion Elon Musk buyout

Twitter shareholders approve $44 billion Elon Musk buyout

by Business News Report

Twitter’s shareholders have voted to approve a proposed $44 billion acquisition by Elon Musk. Reports earlier suggested that a wide margin of approval was expected for the vote, with the required majority reportedly locked before the Tuesday meeting. On a call, Twitter confirmed that a preliminary count shows it has enough votes to approve the deal. Musk proposed a buyout of Twitter in April. Twitter has encouraged investors to accept it since then, even as Musk has filed numerous requests to terminate the agreement. Shareholders vote lets Twitter continue with a lawsuit intended to make Musk close the acquisition.

The approval means that Musk and Twitter will proceed to October trial in the Delaware Court of Chancery. Musk is set to argue that Twitter concealed important facts about its internal operations, including an alleged undercount of spam and bot accounts on the platform as well as details revealed by former Twitter security head  Peiter “Mudge” Zatko. Twitter will push to close the deal regardless, alleging that Musk’s complaints are merely a pretext for backing out.

Meanwhile, Zatko’s revelations will likely continue to draw separate interest from regulators and lawmakers — including questions from members of Congress . The Verge

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