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Twitter-Musk $44 billion deal is approved by the shareholders


Twitter-Musk $44 billion deal is approved by the shareholders

Shareholders of Twitter voted in favor of the deal with Elon Musk to buy the company for $44 billion.

The decision of approving the deal was made in a short conference call with investors from headquarter of the company in San Francisco. This approval means Twitter now can force Mr. Musk to buy the company in court. The meeting followed an explosive testimony in front of the US Senate from Peiter Zatko, Twitter’s former security head.

Twitter agreed to sell the company to Elon Musk in April. But the deal soured after Elon Musk alleged he was misled by the company about the number of bot and spam accounts on the social media platform. He tried to back out from the deal in May, but Twitter went into a legal pursuit to keep the deal.

Twitter is currently valued at $32bn, considerably lower than the offer from Mr. Musk. Today's vote could have brought an end to Twitter's legal pursuit, but the decision of shareholders has given the company the green light to pursue Elon Musk in court. However, just before the shareholder decision, Pieter Zatko was in Washington testifying before the Senate Judiciary Committee about the security flaws. The hearing is set at Delaware state court in October, where a judge will decide whether Mr. Musk has to buy the company or not.

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