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    Home » Twitter shareholders greenlight its sale to Elon Musk
    World Roundup

    Twitter shareholders greenlight its sale to Elon Musk

    Twitter shareholders approved a $44 billion buyout by billionaire Mr. Elen Musk, setting the stage for a trial next month to determine the deal’s fate.
    Desk ReporterBy Desk ReporterSeptember 14, 2022
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    San Francisco, California, US: Shareholders of the US-based microblogging and social networking service, Twitter have voted in favor of a deal with Mr. Elon Musk to buy the company for $44 billion.

    The decision was made during a brief conference call with investors from Twitter’s San Francisco headquarters.

    The development means that the firm will try to force business magnate and investor, Mr. Elon Musk to buy the company through legal procedures. The meeting followed Twitter’s former security Chief Mr. Peter Zatko’s explosive testimony before the US Senate.

    Earlier in the year, Twitter had agreed to sell the company to Mr. Elon Musk, the world’s richest man. However, the deal fell apart after Mr. Musk accused Twitter of misrepresenting the number of spam and bot accounts on the platform.

    Later in May, the Tesla CEO stated that he doesn’t want to buy the company but, Twitter maintains that Mr. Musk can’t back out of the deal which he is legally obligated for.

    The microblogging  revealed that bots make up less than 5 percent of its monetized daily active users, while, Mr. Musk argues it could be many times higher. Twitter is currently valued $32 billion, considerably below the $44 billion offer from Mr. Musk.

    The recent vote could have signaled the end of Twitter’s legal investigation, but shareholders have now given the company the green light to pursue Mr. Musk in court. The two will meet in front of a Delware state court in October. At the hearing, the judge will decide whether or not Mr. Musk should buy the company.

    Shortly before the shareholder decision, Twitter whistleblower Mr. Pieter Zatko testified in Washington about alleged security flaws before the Senate Judiciary Committee.

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    The news/article published above has been sourced, compiled, and corroborated by a member of the Britain Herald News Desk Team. If you have any queries or complaints about the published material, please get in touch with us at BritainHerald@Gmail.Com

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