Twitter shareholders have voted in a short meeting to approve the $44 billion deal with Elon Musk. This means if Musk is forced to complete his deal with Twitter, there will be no objection from shareholders.
Twitter and Elon Musk are currently engaged in a very extensive legal dispute, and each is trying to win the battle. Both sides already agreed to appear in Delaware’s Court of Chancery in October. In the end, everything depends on the court ruling. However, if the court forces Musk to complete his buyout offer, Twitter shareholders will be happy with that.
Twitter shareholders gathered at a meeting a few days ago to discuss the current company’s status. Their meeting had two outcomes. First, the $44 billion deal with Elon Musk is approved. Also, the shareholders determined the process of compensating the company’s executives after the deal is finalized.
Twitter shareholders have no objection to selling the company to Elon Musk
This approval comes months after some company’s shareholders sued Musk over his buyout offer. They even accused the billionaire of “unlawful conduct.” Each Twitter share is now valued at $54.20, and if the court verdict is in favor of Twitter, Musk has to pay a huge amount of money to complete the deal.
Of course, the richest man on the planet and his lawyers are doing their best to avoid the deal by any means. They first cited the bot and spam accounts in the platform as the reason to pull out of the deal. Then, World War 3 claims showed up. Musk’s lawyers now say Twitter’s severance payment to its former security chief has violated the deal.
Twitter former security chief Pieter “Mudge” Zatko already made some serious allegations against the company, accusing them of lying about security measures and having a Chinese security agent on their payroll. A few days ago, Zatko appeared in a Senate hearing, and now US senators want Twitter’s CEO to be accountable for the allegations.