Shareholders approve Elon Musk’s purchase of Twitter

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Although he later backed down on his intentions, Elon Musk’s $44 billion takeover offer to Twitter came to fruition. the shareholders, who have just voted in favor to continue that operation.

Elon Musk offered 44,000 million dollars for Twitter but later backed down, arguing, among other things, excessive false profiles

This would be confirmed by a preliminary count of the votes, which shows a sufficient majority in favor of the acquisition that Elon Musk proposed in April. A purchase that was soon retracted, arguing that, among other things, Twitter did not provide him with internal information that would allow him to know exactly the number of false profiles registered.

In fact, voting by the shareholders supposes support for legal action that Twitter is facing so that, once Musk has declared that he has no interest in moving forward, the courts will force him to complete the announced acquisition.

Next October, a hearing is pending at the Delaware Curt of Chancery, a arbitration court that resolves controversies between companies that voluntarily decide to submit to its out-of-court jurisdiction.

Musk defends his position cancel the acquisition proposal alleging that Twitter hides key information about its internal operations, especially with regard to spam and bots, to which various security problems are added. Twitter insists on carrying out the acquisition under the position that Musk’s allegations are mere excuses to back down, without sufficient grounds to cancel the operation.

The founder of Tesla and SpaceX backed down on his decision to acquire the social network after even holding a video conference with company employees in which he outlined his ambitious plans for Twitter, which included defending freedom of expression. expression in addition to contemplating strategies to increase monetization.

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Brian Adam
Professional Blogger, V logger, traveler and explorer of new horizons.