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

Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to take over the social media platform. “Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement,” the social media giant said.

Shareholders Want Elon Musk to Take Over Twitter

Twitter Inc. (NYSE: TWTR) announced Tuesday that its stockholders have approved the previously announced $44 billion agreement for Tesla CEO Elon Musk to acquire the social media platform.

“Based on a preliminary tabulation of the stockholder vote,” the announcement reads:

Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement.

“The shareholder approval satisfies the final condition precedent to the closing of the merger under the merger agreement (other than those conditions that by their nature are to be satisfied at closing),” Twitter explained, elaborating:

Twitter stands ready and willing to complete the merger with affiliates of Mr. Musk immediately, and in any event, no later than on September 15, 2022.

Musk offered to buy Twitter for about $44 billion in April. However, he subsequently accused the social media company of a “material breach” of their agreement in June. The Twitter deal is “temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said at the time.

The Tesla CEO officially terminated his offer to buy Twitter in early July. The social media company filed a lawsuit a few days later in the Delaware Court of Chancery to compel Musk to complete the acquisition. Musk countersued Twitter.

At the end of August, Musk outlined new reasons to walk away from the deal with Twitter, citing a whistleblower report. The social media company has insisted that Musk’s termination of the buyout agreement “is invalid and without merit.”

Meanwhile, the U.S. Securities and Exchange Commission (SEC) has probed Twitter regarding its spam accounts. In early August, Musk challenged Twitter CEO Parag Agrawal to a public debate about fake accounts and spam bots.

Musk recently sold 7,924,107 shares of Tesla. “In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” the billionaire explained.

Do you think Elon Musk will do a good job running Twitter? Let us know in the comments section below.

Related Posts

Distribution of assets is ‘not possible at this time’, says Luna Foundation Guard

The fund cited “ongoing and threatened litigation” in its reasons for being unable to distribute its remaining assets to UST users starting with the smallest HODLers. The…

Bitcoiner claims to have found ‘long lost Satoshi Bitcoin code’ with personal notations

According to Jim Blasko, he was able to uncover raw data and files from Bitcoin v0.1 including notations from Satoshi Nakamoto using “a little browser hacking.” Jim…

MoonPay Makes A Push In Sports, Signs On With Brazilian Soccer Club Flamengo

MoonPay is continuing a push into sports, entertainment and culture this week. The crypto exchange and web3 infrastructure firm announced a new partnership with Clube de Regatas…

Here’s Why The Dogecoin Community Is Bullish On Elon Musk’s Twitter Purchase

The Dogecoin community has been firmly behind billionaire Elon Musk’s decision to buy the social media platform Twitter since it was first announced. Musk, who seemed to…

Google to Require Government Authorization to Provide Advertising Services for Financial Products in Spain

Google, the web search and software monolith, has announced that it will require authorization from government entities to lend advertising services to financial companies in Spain. This…

What Is Floki Inu (FLOKI), and How Can It Challenge Dogecoin (DOGE) and Shiba Inu (SHIB)?

Dogecoin and Shiba Inu are the current largest meme coins per market cap. Can Floki Inu challenge them? In the history of Web3 and cryptocurrency, the 2021…

Generated by Feedzy