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Shareholders of Twitter have approved the deal with Musk for $44 billion

Twitter’s shareholders have voted to approve a deal with Elon Musk to buy the company for $44bn (£38bn).

 

The decision was made in a short conference call with investors from the company’s San Francisco headquarters.

It means Twitter will now try to force Elon Musk to buy the company in the courts.

The meeting followed explosive testimony from Twitter’s former head of security Peiter Zatko in front of the US Senate.

In April, Twitter agreed to sell the company to the world’s richest person, Elon Musk.

However, the deal soured after Mr. Musk alleged, he was misled by Twitter about the number of spam and bot accounts on the platform.

He said he no longer wished to purchase the company in May, but Twitter argues that Mr. Musk cannot back out of the deal.

 

Whistleblower claims Twitter misled the public and spent $33 million in three months on a deal with Musk.

Less than 5% of the social media platform’s monetizable daily active users (those who can view advertisements) are bots, according to the company. 

According to Mr. Musk, it might even be much higher.

Twitter is currently valued at $32 billion, which is significantly less than Mr. Musk’s $44 billion offer.

The outcome of today’s vote might have put an end to Twitter’s legal action, but now that shareholders have approved it, the company is free to sue Elon Musk.

In October, the two are scheduled to appear before a Delaware state court. 

A judge will make a decision regarding Mr. Musk’s obligation to purchase the business during the hearing.

Pieter Zatko, a Twitter leaker, appeared before the Senate Judiciary Committee in Washington just before the shareholder decision to testify about alleged security flaws.

 

He said the company was “misleading the public” about how secure the platform is. He was addressing US lawmakers.

 

Twitter was “a decade behind” security standards, according to the company’s former head of security, who continued. 

Twitter claims that the allegations are false and that Mr. Zatko was fired from his position after Twitter shareholders approved a $44 billion Musk deal.

Although he didn’t go into detail on Tuesday, Mr. Zatko has previously backed Elon Musk’s assertion that the platform has more spam and fake accounts than it has acknowledged.

A judge ruled last week that the Twitter whistle-testimony blower’s could be used in court by Mr. Musk’s attorneys.

It was largely concerned with matters of national security and had nothing to do with Elon Musk’s attempt to back out of the acquisition of Twitter.

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