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Fri, Dec

Twitter Shareholders Endorse Elon Musk’s $44 Billion Buyout Deal

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Twitter on Tuesday said a preliminary count shows shareholders endorsed Elon Musk’s bid to buy the social media platform for $44 billion, even as he tries to break the contract. The vote lets Twitter continue with a lawsuit intended to make Musk close the acquisition. The tally came during a shareholder meeting that lasted just minutes, with most of the votes having been cast online. Twitter has sued Mr. Musk to complete the deal, and a trial is set for October. The approval means that Musk and Twitter will proceed to an October trial in the Delaware Court of Chancery.

While shareholder approval was required to finalise the deal, its consummation is far from a sure thing. Musk in July announced he was cancelling the agreement, claiming that Twitter misled him about the size of the company’s user base and the number of bots and spam accounts. Twitter however denied those accusations, and sued Musk in a Delaware court to force him to complete the acquisition.

Musk then counter-sued the company.

Lawyers for both Musk and the San Francisco-based Twitter for weeks have been battling over witnesses, evidence and even the court date.