Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to require over the social media platform. “Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the contract,” the social media large said.
Shareholders Want Elon Musk to Take Over Twitter
Twitter INC. (NYSE: TWTR) declared Tuesday that its stockholders have approved the previously announced $44 billion agreement for Tesla CEO Elon Musk to amass the social media platform.
“Based on a preliminary tabulation of the stockholder vote,” the announcement reads:
Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement.
“The shareholder approval satisfies the final condition precedent to the closing of the merger beneath the contract (other than those conditions that by their nature are to be glad at closing),” Twitter explained, elaborating:
Twitter stands ready and willing to complete the merger with affiliates of Mr. Musk immediately, and in any event, no later than on September 15, 2022.
Musk offered to buy Twitter for about $44 billion in April. However, he subsequently defendant the social media company of a “material breach” of their agreement in June. The Twitter deal is “temporarily on hold unfinished details supporting calculation that spam/fake accounts do so represent but 5% of users,” Musk same at the time.
The Tesla CEO formally terminated his provide to shop for Twitter in early July. The social media company filed a causa a few days later in the Delaware Court of Chancery to compel Musk to finish the acquisition. Musk countersued Twitter.
At the top of August, Musk printed new reasons to run far from the handle Twitter, citing a whistle blower report. The social media company has insisted that Musk’s termination of the acquisition agreement “is invalid and without merit.”
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has probed Twitter relating to its spam accounts. In early August, Musk challenged Twitter CEO Parag Agrawal to a public debate about fake accounts and spam bots.
Musk recently sold 7,924,107 shares of Tesla. “In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t return through, it's vital to avoid an emergency sale of Tesla stock,” the billionaire explained.
( Kevin Helms, Bitcoin.com, 2022)