Twitter shareholders have voted overwhelmingly 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 insider said.
Shareholders want Elon Musk to control Twitter
Twitter Inc (NYSE: TWTR ) said Tuesday that its shareholders have approved a previously announced $44 billion deal for Tesla CEO Elon Musk to acquire the social media platform.
The announcement reads: “Based on the preliminary table of the stock vote;
Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement.
“The stockholder approval is a final condition precedent to the closing of the merger pursuant to the merger agreement (except for those conditions that must be satisfied at the time of closing),” Twitter said.
Twitter is ready and willing to immediately complete the merger with Mr. Musk’s affiliates no later than September 15, 2022.
In April, Mook offered to buy Twitter for about $44 billion. However, they subsequently accused the social media company of “material breach” of their agreement in June. Twitter’s agreement “pending data to support the calculation that spam/fake accounts actually represent less than 5% of users,” Musk said at the time.
Tesla’s CEO officially dropped his offer to buy Twitter in early July. The social media company filed a lawsuit in Delaware court a few days later to force Musk to complete the acquisition. Musk opposed Twitter.
In late August, Musk revealed new reasons for walking away from the deal with Twitter, citing a whistleblower report. The social media company insisted that Musk’s termination of the buyout agreement was “invalid and without merit.”
Meanwhile, the US Securities and Exchange Commission (SEC) has launched an investigation into Twitter’s spam accounts. In early August, Musk challenged Twitter CEO Parag Agrawal in a public debate about fake accounts and spam bots.
Musk recently sold 7,924,107 Tesla shares. “In the (unlikely) event that forces Twitter to close this deal and if some equity partners do not come, it is necessary to avoid the sudden sale of Tesla stock,” the billionaire explained.
Do you think Elon Musk would do a good job running Twitter? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.