Twitter filed a lawsuit against Elon Musk last month to finalise the acquisition as a result of Musk's attempts to back out of his April deal to purchase the social media business.
Digital Desk: A majority of Twitter Inc's shareholders voted in favour of the $44 billion sale to Elon Musk, according to reports. Twitter shareholders will vote on the deal on Tuesday (September 13).
However, the article stated that enough of the social media company's investors had voted by Monday evening for the conclusion to be definite.
Musk has already told Twitter that he will not proceed with the deal. Musk said he was deceived about the platform's spam accounts and was not informed of a pay deal negotiated by the firm with one of its senior employees. The two parties are set to go to court next month.
Elon Musk said last month that his $44 billion purchase of Twitter should proceed if the company can clarify some facts about how it determines whether user accounts are spam bots or actual humans. The Tesla CEO has been attempting to back out of his April agreement to purchase the social media business, prompting Twitter to sue him last month to force him to finish the transaction.
The problem began on April 4, 2022, when Twitter announced publicly that Musk had purchased a 9.2 per cent stake in the firm for $2.9 billion based on the March 4 share price.
In a series of tweets the next day, on April 5, 2022, Twitter CEO Parag Agrawal announced Elon Musk's appointment to Twitter's board. Agrawal tweeted, "I'm thrilled to announce that we've appointed @elonmusk to our board!" In recent conversations with Elon, it became evident to us that he would add significant value to our Board."
Later that week, however, the Twitter CEO declared that he would not be joining the social media company's board of directors.
The revelation from Agrawal comes on the heels of a series of strange tweets from Elon Musk over the same weekend, in which he pondered aloud to his over 80 million followers if Twitter was dying, noting the low frequency of tweets from some of the social network's most popular personalities.
A Twitter shareholder has filed a federal securities class action lawsuit against Tesla CEO Elon Musk for failing to disclose his 5% investment in Twitter when required.
According to the complaint, this delay permitted Musk to purchase more Twitter shares at a reduced price, so depriving Twitter stock dealers of increased earnings. On April 14, Elon Musk makes a bid to buy Twitter for $43 billion, or $54.20 per share. He submitted the offer to the Securities and Exchange Commission and tweeted a copy of the official offer.
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