Majority of Twitter shareholders voted for its takeover by Elon Musk

Posted September 13, 2022 7:29 AMUpdated September 13, 2022 8:28 AM.

This is the latest twist in an action-packed soap opera about Elon Musk’s possible takeover of Twitter. According to Reuters, a majority of Twitter’s shareholders voted in favor of a US billionaire takeover of the social network for $44 billion.

The vote that comes despite the fact that he decided to back out of this acquisition, accusing the social network of “deceiving” him and “hiding the truth” about the number of monetized accounts. The claims were rejected by the social network, which decided to sue Elon Musk for violating the buyout agreement. The trial, the date of which was set by American justice for October 17th.

Musk puts forward new arguments

Shareholders have until Tuesday to make a decision, but sources cited by Reuters said enough shareholders had already voted on Monday night for the result to be final.

It remains to be seen if this will be enough for the founder and CEO of Tesla to reconsider his decision to pull out of the agreement that would have allowed him to acquire Twitter. At the end of last week, Elon Musk put forward a new argument to justify his decision to withdraw the purchase offer.

In a Twitter letter, the billionaire’s lawyer claims that the company paid out about $7 million to whistleblower Peter Zatko. Until his dismissal in January, he was responsible for the security of the company.

However, according to the lawyer’s letter, the agreement between Twitter and Pater Zaiko was made days before the latter filed a complaint accusing the company of not protecting user privacy and lying about security issues. Which will go towards Elon Musk. Twitter denied the accusations and said that Peter Zatko was fired “due to ineffective management and poor performance.”

At the end of August, Elon Musk formally asked Peter Zatko to testify in the context of a trial that pits him against the social network.

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