Twitter shareholders on Tuesday voted in favour of Elon Musk’s deal to acquire the microblogging service for $44 billion (roughly Rs. According to a report, 3,498,000 crore. The outcome of the shareholder vote, which was announced on Tuesday, comes a month before the upcoming legal battle between the Tesla CEO and Twitter, which will begin on October 17 at the Delaware Chancery Court. Musk had previously agreed to buy Twitter in January, but tried to renegotiate the deal in July.
Tuesday: Reuters reported Twitter shareholders voted in favor of Elon Musk, Tesla CEO, to buy the microblogging site. Musk had agreed to purchase Twitter at a price of $54.20 (roughly Rs. 4,300) per share, much higher than Tuesday’s price of $43.20 (roughly Rs. 3,400). The Tuesday deadline for voting on the deal was reached. The result allows the world’s wealthiest man to purchase the company.
But, Tesla CEO Elon Musk has repeatedly stated that he is against the takeover. He has also sent numerous letters to Twitter asking for a termination of the deal. Last week was the latest communication. Musk’s lawyers informed Twitter that he wasn’t aware of money that was paid to an ex-employee, which is believed to be Peiter Zatko, a whistleblower. Twitter has denied the claim that the payment breached the terms of the deal.
Ahead of the trial, which begins on October 17 at the Delaware Chancery Court, Musk has been permitted by the court to include Zatko’s allegations against the company. Twitter’s former security chief has alleged that the firm misled the US Federal Trade Commission (FTC) about the company’s security measures as part of an agreement in 2011. He also claimed that Twitter had serious security flaws that affected the platform and that some employees were working for foreign governments.
Back in July, Musk attempted to back out of the deal to acquire Twitter, claiming that he had been provided incorrect information about the number of spam or fake accounts on the company. In July, Tesla sued Musk as CEO. They called his exit strategy “a model for hyprocrisy.” Twitter also previously claimed Musk was trying to “slow walk” the trial, which will begin next month.