Most Twitter shareholders vote in favour of sale to Elon Musk: Report

By Gargi Chaudhry | First Published Sep 13, 2022, 2:07 PM IST

According to reports, the majority of Twitter Inc.'s shareholders chose to support Elon Musk's $44 billion purchase of the social media business. Musk has been coming up with reasons to not go through with the deal. He has argued that he was misled over the spam accounts on the platform and was not notified of a pay settlement the company reached with one of its top executives.

A majority of Twitter Inc's shareholders have voted in favor of the social media company's $44 billion sale to Elon Musk, people familiar with the tally informed. Even though Tuesday is the voting deadline, Monday's results has pretty much sealed the deal. In the upcoming days, a formal announcement is anticipated. Musk and Twitter have not yet responded to the claims.

Shareholders were largely anticipated to vote in favour after a stock market decline made Musk's April transaction for $54.20 per share for Twitter appear expensive in the current climate. Currently, the price of Twitter shares is approximately $41.

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Musk has been coming up with excuses for why the deal shouldn't go through. He claimed that the platform's spam accounts were misrepresented to him and that he was not informed of a compensation agreement the business had with one of its senior employees.

Also Read | 'Sigh': Elon Musk responds to hacked verified Twitter accounts spamming him with crypto scam links

Musk's attorneys claimed in a letter issued to Twitter on Friday that Twitter had broken the merger agreement by not getting his permission before paying Peiter Zatko and his legal counsel $7.75 million. According to them, the agreement placed limitations on when Twitter might make such payments.

Twitter countered that Musk's grounds for wishing to terminate the agreement were "invalid and unlawful" and that payments made to the whistleblower did not violate any of the conditions of Twitter's sale to Musk.

Also read: Jack Dorsey reveals his biggest regret and it's related to Twitter; know what it is?

In January, Zatko, who oversaw security for the corporation, was let go. Last month, he said the company had misrepresented its security measures and made false claims about how it would protect against hackers and spam accounts. On Tuesday, he will speak with the US Senate Judiciary committee about the accusations. The Twitter vs. Musk trial, meantime, is set to begin in Delaware Chancery Court on October 17.

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