Twitter Shareholders Approve Elon Musk Purchase Agreement


Tesla owner agreed to purchase in $44,000 million

Twitter shareholders voted nearly unanimously on Tuesday in favor of the deal reached early this year with Tesla founder and CEO Elon Musk to acquire the company.

According to a preliminary poll of shareholder voting, about 98.6 percent of votes cast at Tuesday’s special meeting approved the proposal to approve the deal, paving the way for the social network to attempt to close the deal. tycoon legally to proceed with the acquisition.

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

For weeks, Musk had publicly questioned Twitter’s “bot” numbers, which many analysts saw as an attempt to lower the tech giant’s share price. Twitter shares plunged more than 6 percent in trading after the announcement, according to CNN.

Then, through a letter sent by Musk’s attorneys to the U.S. Securities Market Commission (SEC) in early June, the billionaire’s legal team deemed Twitter’s position a “significant breach” of its obligations under the merger agreement, which they warned. that Elon Musk “reserves all rights arising therefrom, including its right not to complete the transaction and its right to terminate the merger agreement.”

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

Twitter has already sued Musk in an attempt to force him to complete the acquisition of the company for the agreed-upon price of $44 billion.

“Twitter continues to believe that Mr. Musk’s alleged termination of the merger agreement is invalid and unfounded, and that the Musk parties remain bound by the merger agreement and are obligated to complete the merger under its terms,” ​​Twitter said in a response. . a statement.

Source: La Verdad


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