Twitter’s Shareholders Overwhelmingly Vote for Elon Musk to Take Over the Social Media Platform

Twitter shareholders have overwhelmingly voted to elect Elon Musk, Tesla CEO, to take over the social network. The social media giant stated that approximately 98.6% of votes cast at the special meeting approved a merger agreement.

Shareholders Demand Elon Musk Takeover Twitter

Twitter Inc. (NYSE : TWTR), announced Tuesday that its stockholders approved the previously announced $44 Billion agreement for Tesla CEO Elon Musk's acquisition of the social media platform.

"Based on a preliminary tabulation, the stockholder vote," reads the announcement:

The proposal to approve the merger agreement was approved by approximately 98.6%.

Twitter elaborated: "The shareholder approval is a condition precedent to closing the merger under the merger accord (other than conditions that by their nature must be satisfied at closing)."

Twitter is ready and willing to merge with Mr. Musk's affiliates immediately and, in any case, not later than September 15, 2022.

Musk offered to purchase Twitter for $44 billion in April. Musk later accused Twitter of violating their June agreement by accusing the social media company. Musk stated that the Twitter deal was "temporarily suspended pending details supporting calculation spam/fake accounts do indeed constitute less than 5% users."

In July, Tesla CEO Stephen Tesla officially ended his offer to purchase Twitter. A few days later, the Delaware Court of Chancery filed a lawsuit to force Musk to complete the acquisition. Musk countersued Twitter.

Musk stated new reasons to end the Twitter deal, citing a whistleblower's report. Musk's decision to end the buyout agreement with Twitter is being defended by the social media company.

The U.S. Securities and Exchange Commission has been investigating Twitter's spam accounts. Musk challenged Parag Agrawal, CEO of Twitter, to a public discussion about spam bots and fake accounts in August.

Musk sold 7,924,107 shares in Tesla recently. The billionaire said that in the unlikely event that Twitter forces the deal to close, and some equity partners fail to come through with the financing, it is crucial to avoid an emergency sale.

Are you positive Elon Musk will be able to run Twitter well? Comment below to let us know your thoughts.

By: Kevin Helms
Title: Twitter’s Shareholders Overwhelmingly Vote for Elon Musk to Take Over the Social Media Platform
Sourced From:
Published Date: Wed, 14 Sep 2022 23:35:59 +0000

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