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Twitter shareholders approve $44 billion Elon Musk buyout

 1 year ago
source link: https://www.theverge.com/2022/9/13/23349687/twitter-musk-acquisition-shareholder-vote-approval
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Twitter shareholders approve $44 billion Elon Musk buyout

Twitter shareholders approve $44 billion Elon Musk buyout

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Now, Musk will fight Twitter in court to get out of it

Sep 13, 2022, 5:11 PM UTC|

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The Twitter logo.Illustration by Alex Castro / The Verge

Twitter’s shareholders have voted to approve a proposed $44 billion acquisition by Elon Musk.

Reports yesterday 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. Today’s vote lets Twitter continue with a lawsuit intended to make Musk close the acquisition.

The approval means that Musk and Twitter will proceed to an 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 this morning.

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