Tuesday, December 6, 2022
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Twitter Shareholders approve Elon Musk $44 billion buyout offer

Elon Musk may have changed his mind about buying Twitter, but the company’s stockholders are still on board. The acquisition cleared one last hurdle on Tuesday, when the majority of shareholders voted to accept the $44 billion deal, which Musk is now attempting to back out.

The shareholder vote comes on the same day that former Twitter security lead Peiter Zatko testified before Congress about his stunning whistleblower report outlining the company’s security and privacy failures as an executive.

Twitter urged its shareholders to approve Musk’s bid in June, paving the door for the transaction to proceed. With Twitter suing Musk to push the eccentric tech figure to follow through, the vote is far from the only impediment.

Musk made a bid of $54.20 a share for the company in April, prior to a significant market drop caused by record inflation and continuous geopolitical turmoil that has sent economies throughout the world into a tailspin.

On October 17, Twitter and Musk will appear in court for a five-day trial to determine if the corporation can compel the tech CEO and world’s richest man to complete the transaction. Meanwhile, Musk is attacking the purchase from every angle conceivable, including new charges from Zatko into his countersuit against the firm.

On Monday, Musk wrote Twitter another letter of intent to terminate the agreement, this time claiming that Twitter’s rumoured $7 million severance payout to its existing security chief violated the acquisition agreement.

According to a Securities and Exchange Commission filing dated June 21st, Twitter’s board of directors recommended that shareholders support Tesla CEO Elon Musk’s proposed $44 billion acquisition of the company.

Twitter shareholders unanimously supports Elon Musk planned $44 billion takeover

On June 21st, Twitter filed a proxy statement with the US Securities and Exchange Commission, inviting its shareholders to a special meeting to discuss Elon Musk’s $44 billion takeover plan. Within the filing, Twitter’s board of directors unanimously advises its shareholders to vote in favour of the merger offer.

During a virtual meeting with Twitter employees last week, Musk reiterated his desire to proceed with the transaction. However, Twitter stock has remained well below the selling price, indicating substantial uncertainty that it will occur.

The Twitter Board of Directors came to the conclusion that the merger and other activities contemplated are reasonable, prudent, and in Twitter’s and its stockholders’ best interests after carefully considering the information more fully set forth in the attached proxy statement.

The Board of Directors of Twitter recommends voting “FOR” the adoption of the merger agreement, “FOR” the compensation Twitter would or might provide to its designated executive officers in connection with the transaction, and “FOR” the termination of the extraordinary meeting due to a lack of votes.

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