Twitter shareholders approve Elon Musk’s $44 billion bid

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Washington: Twitter shareholders have approved Tesla CEO Elon Musk’s $44 billion bid to buy the company. The decision was made in a short conference call with investors from the company’s headquarters in San Francisco.

The development means that the social media giant will now seek legal action to force Elon Musk to buy the company.

Musk tried to call off the deal

In April, Twitter agreed to sell the company to the world’s richest person, Elon Musk.

However, Musk later accused Twitter of not providing information about fake or spam accounts on its platform and said that he no longer wanted to buy the company in May, but Twitter argued that Musk could not go out of business.

The social media platform claims that less than 5% of its monetizable daily active users (those who can view ads) are bots. Musk argues that it could be many times higher.

Twitter’s lawsuit for holding Musk on the deal

The social media giant dismissed Musk’s claim and filed a lawsuit asking a Delaware court to keep Musk in the deal. A trial session is scheduled for next month.

Twitter is currently valued at $32 billion, well below the Tesla CEO’s $44 billion offer.

Tuesday’s vote could have ended legal prosecutions against Twitter, but shareholders have now given the company the green light to take Musk to court, the BBC reports.

The two are scheduled to meet in October in a Delaware state court. During the hearing, a judge will decide whether or not Mr Musk needs to buy the company.

The two parties will meet in Delaware state court in October, and after the hearing, the judge will rule on whether or not Musk needs to buy the company.



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