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HomeMobileTwitter shareholders approve Elon Musk's $44 billion buyout provide • TechCrunch

Twitter shareholders approve Elon Musk’s $44 billion buyout provide • TechCrunch


Elon Musk might need chilly ft about his provide to purchase Twitter, however the firm’s shareholders are nonetheless right here for it. The acquisition cleared one remaining hurdle Tuesday, with most shareholders voting to just accept the $44 billion deal that Musk himself is now making an attempt to get out of.

The shareholder vote comes the identical day that former Twitter safety lead Peiter Zatko testified earlier than Congress about his explosive whistleblower report documenting the safety and privateness lapses he witnessed as an government on the firm.

Twitter requested its shareholders to approve Musk’s bid again in June, a step that will clear the way in which for the deal to undergo. Now, with Twitter taking Musk to court docket to drive the erratic tech determine to observe by, the vote is way from the one impediment in the way in which.

Musk supplied $54.20 per share for the corporate again in April, previous to a big market dip spurred by document inflation and ongoing geopolitical chaos that’s thrown economies all over the world right into a tailspin.

Twitter and Musk will meet in court docket on October 17 for a 5 day trial that may decide if the corporate can drive the tech government and world’s richest man to undergo with the acquisition. Within the meantime, Musk is leveraging each potential angle to kill the deal, together with bringing rising allegations from Zatko into his countersuit towards the corporate.

Musk despatched Twitter one more letter of his intent to terminate the deal on Monday, this time arguing that Twitter’s reported $7 million severance fee to its outgoing safety lead violated the acquisition settlement.

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