Tech

Twitter shareholders approve Elon Musk’s takeover deal ahead of upcoming legal battle


Twitter shareholders on Tuesday voted in favor of Elon Musk’s deal to acquire the microblogging service for $44 billion (approximately Rs 3,49,800) according to a report. The results of the shareholder vote, announced on Tuesday, come a month before the upcoming legal battle between the Tesla CEO and Twitter, which will begin October 17 in the Delaware Chancery Court. Musk agreed to buy Twitter earlier this year, but tried to pull out of the deal in July.

On Tuesday, Reuters report that Twitter shareholders voted to approve Tesla CEO Elon Musk’s agreement to buy microblogging services. Musk agreed to buy Twitter at $54.20 (about Rs 4,300) per share, much higher than Tuesday’s price of $43.20 (about Rs 3,400). The deadline to vote on the deal is Tuesday, and the result clears the way for the world’s richest man to buy the company.

However, the Tesla CEO has repeatedly stated that he does not want to continue the takeover, and has sent many letters to Twitter to end the deal. The most recent of these communications was last week, when Musk’s lawyers notification Twitter that he was not informed about the money pay to a former employee, alleged whistleblower Peiter Zatko. Twitter has negative claim that the payment violated the terms of the agreement.

Before the trial that began on October 17 at the Delaware Chancery Court, Musk licensed court to include Zatko’s charges against the company. Twitter’s former chief of security was accused that the company misled the US Federal Trade Commission (FTC) about the company’s security measures as part of a settlement in 2011. He also alleges that Twitter had a serious security flaw affecting it. to the foundation and that one or more employees have worked on behalf of foreign governments.

Back in July, Musk tried to back out of the deal to acquire Twitter, claim that he was given incorrect information about the number of spam or fake accounts on the company. The company sued the Tesla CEO in July, call his exit strategy “a hypercrisy model”. Twitter also before declare Musk is trying to “go slow” the test, which will begin next month.




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