Twitter shareholders approve Elon Musk bid amid legal battle

New twist in the Musk – Twitter affair: the shareholders of the social network voted by a majority for the buyout of the platform by the billionaire at the price initially agreed. However, Elon Musk having since reversed his decision, the purpose of the acquisition will be decided in court.

The takeover of Twitter validated by its shareholders

According to exclusive information from Bloomberg, Twitter shareholders approved Elon Musk’s initial takeover bid at $44 billion.

The latter proceeded to a preliminary vote on Tuesday 13 September, which would have obtained a majority in favor of a repurchase value set at $54.20 per share by the billionaire and CEO of Tesla. By comparison, Twitter shares are currently trading at $41.7 in the market.

The news comes as a hearing is scheduled for October 17 in a court in Delaware, United States, following the lawsuit filed by Twitter against Elon Musk.

Indeed, the latter had withdrawn from the agreement at the beginning of July, accusing the social network of having failed in its contractual obligations by having deliberately concealed the number of fake accounts circulating on the platform.

In response, Twitter accused the billionaire of breaching the buyout agreement, and therefore wants finalize the acquisition of the network in court. Since then, Elon Musk has filed a counter-suit against the social network.

However, according to Bloomberg, Elon Musk declined to cast his vote during the session which took place on Tuesday.

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Peiter Zatko, joker for Elon Musk?

Coincidence of the calendar, September 13 also took place the hearing of whistleblower Peiter Zatko before the US Senate. The man nicknamed “Mudge” was heard about the observations he was able to make during his two years as Twitter’s security officer.

Facing the senators, he thus painted a damning picture of the platformaccusing it in particular of serious breaches on crucial issues relating to the safety of users, and even of misleading its own staff:

“Twitter misleads the public, parliamentarians, regulators and even its own board of directors […]. Twitter has consistently put profits ahead of user safety. »

In its defence, the company said these were unfounded accusations and that Peiter Zatko was simply fired “for his poor performance”.

On this subject, a judge from the Delaware Chamber of Commerce authorized Elon Musk to add whistleblower charges against Twitter in its defense case.

The Twitter team, however, seems confident about the lawsuit, as confirmed by one of the company’s spokespersons :

“We look forward to presenting our case in court from October 17 and intend to complete the transaction at the price and terms agreed with Mr. Musk. »

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Sources: Bloomberg (1)(2), Boursorama

Image source: Nvidia Corporation via Flickr (CC BY-NC-ND 2.0)

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