Thursday, February 2, 2023

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Twitter shareholders approves Elon Musk’s $44 bn offer

Washington: Twitter shareholder’s have approved Tesla CEO Elon Musk’s $44bn offer to buy the company. The decision was made in a short conference call with investors from the company’s San Francisco headquarters.

The development means that the social media giant will now try to force Elon Musk to buy the company in the courts.

Musk tried to scrap deal

In April, Twitter agreed to sell the company to the world’s richest person, Elon Musk.

However, later, Musk accused Twitter of failing to provide information about fake or spam accounts on its platform and said that he no longer wished to purchase the company in May, but Twitter argues that Musk cannot back out of the deal.

The social media platform says that fewer than 5% of its monetizable daily active users (those who are able to look at adverts) are bots. Musk argues it could be many times higher.

Twitter’s lawsuit to hold Musk to the deal

Rejecting Musk’s claim, the social media giant filed a lawsuit asking a court in Delaware to hold Musk to the deal. A trial is set for next month.

Twitter is currently valued at $32bn, considerably below the $44bn offer from the Tesla CEO.

Tuesday’s vote could have spelled the end of Twitter’s legal pursuit, but shareholders have now given the company the green light to pursue Musk in court, reports BBC.

The two are set to meet in front of a Delaware state court in October. During the hearing a judge will decide whether or not Mr Musk has to buy the company.

The two parties will meet in Delaware state court in October and the judge after the hearing will decide whether or not Musk has to buy the company.

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