Entertainment

Twitter shareholders approve $44bn Musk deal

Shareholders of Twitter have decided to support Elon Musk’s offer to purchase the business for $44 billion (£38 billion).

The choice was taken during a brief conference call that the company’s San Francisco headquarters held with investors.

This indicates that Twitter will now pursue legal action to compel Elon Musk to acquire the business.

The conference came after Peiter Zatko, the former chief of security at Twitter, gave shocking testimony before the US Senate.

Twitter and Elon Musk, the richest man in the world, reached an agreement in April to sell the firm.

The agreement soured, however, because Mr. Musk claimed Twitter misled him about the volume of spam and bot accounts using the service.

In May, he stated that he no longer desired to buy the company, but Twitter claims that Mr. Musk cannot cancel the agreement.

Less than 5% of the social media platform’s monetizable daily active users (those who can view advertisements) are bots, according to the company. According to Mr. Musk, it might even be much higher.

Twitter is presently valued at $32 billion, which is far less than Mr. Musk’s $44 billion offer.

The outcome of today’s vote might have put an end to Twitter’s legal action, but now that shareholders have approved it, the corporation is free to sue Elon Musk.

In October, the two are scheduled to appear before a Delaware state court. A judge will make a decision regarding Mr. Musk’s obligation to purchase the business during the hearing.

Pieter Zatko, a Twitter leaker, appeared before the Senate Judiciary Committee in Washington just before the shareholder decision to testify about purported security issues.

He said the company was “misleading the public” about how secure the platform is. He was addressing US senators.

Twitter was “a decade behind” security standards, according to the company’s former chief of security, who continued. Twitter contends that the allegations are false and that Mr. Zatko was removed from his position after Twitter shareholders approved a $44 billion Musk deal.

Although he didn’t go into detail on Tuesday, Mr. Zatko has previously backed Elon Musk’s assertion that the network has more spam and false accounts than it has acknowledged.

A judge ruled last week that the Twitter whistle-evidence blower’s might be used in court by Mr. Musk’s attorneys.

It was mostly concerned with matters of national security and had little to do with Elon Musk’s attempt to back out of the acquisition of Twitter.

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