Science

Twitter: in September, shareholders will vote for the takeover of Elon Musk

New step. On September 13, Twitter shareholders will have to take part in a vote on the acquisition of the social network by Elon Musk, reports Le Parisien. Thus, they were called to a “special meeting” via videoconference, as stated in white papers filed on Tuesday, July 26, by the US stock market police officer, the Securities and Exchange Commission (SEC). This vote will take place days before the opening in October of the lawsuit that Twitter filed against the founder of SpaceX.

Twitter did launch legal proceedings against the world’s richest man after the latter unilaterally terminated its takeover agreement on the social network on July 8. At the end of April, the board of directors of the American group and Elon Musk signed an agreement to buy Twitter for $44 billion (43 billion euros). But a few months later, the South African billionaire took a sharp turn, accusing the social network of failing to fulfill its contractual obligations, providing, in particular, erroneous or incomplete data on the number of fake accounts and spam on his platform. The lawsuit, which the judge in charge of the case says is expected to last five days, Twitter now wants to force him to honor its first obligation.

capital gain. As Le Parisien recalls, in the past, the Twitter board of directors has already invited its shareholders to vote for the acquisition of the social network. Currently, his title is set at $39. Thus, if the deal between Elon Musk and the San Francisco company goes through, the added value for shareholders will be significant.

If the Tesla boss originally wanted the trial to take place no earlier than next year, justifying this desire by the need to take the time to analyze the “mountains of data” about fake Twitter accounts, the judge, the presiding judge of the court specializing in business law, set the trial to open in October. To Twitter’s lawyers, who accuse him of “bad faith” and “hypocrisy,” Elon Musk would have backed out of a takeover of the company due to the tech companies’ stock market crash. According to one of these lawyers, William Savitt, the businessman postponed the trial “so that he would never give an account.”

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