A majority of Twitter Inc’s shareholders have voted in favour of the social media company’s $44 billion sale to Elon Musk.
Twitter shareholders were asked to vote on two important issues. They were asked to vote for or against the sale of Twitter to Elon Musk. They were also asked to vote for or against executive compensation.
Investors King learnt that enough investors had voted by Monday ahead of the deadline today. Most of the investors voted in favour of the sale of the microblogging company.
The tech billionaire and Tesla CEO Elon Musk offered to buy Twitter for about $44 billion. In a filing with the Securities and Exchange Commission (SEC), Elon Musk who also doubled as the CEO and Chief Engineer of SpaceX said he has lined up $46.5 billion to fund his offer of $54.20 a share.
Musk has said he believes he can “unlock” Twitter’s potential by taking the company private and loosening its rules on what users are allowed to post
Although a widespread market downturn which has dropped the share price of Twitter to around $41 could be seen as a discount.
However in July 2022, in a twist of fate, the world’s richest person said he had backed out from the deal because Twitter failed to provide enough information on the number of spam and fake accounts.
Musk argued that he was misled over spam accounts on the platform and was not informed of a pay settlement the company reached with one of its top executives.
Both parties are nonetheless scheduled to battle it in court next month. Twitter had taken Elon Musk to court in Delaware, United States to seek a legal verdict that will force Musk to proceed with the agreed transaction that valued the company at $54.20 per share.