Twitter: shareholders want Elon Musk to buy the platform

Shareholders of Twitter at the general meeting overwhelmingly voted for the takeover of the platform by Elon Musk. But the acquisition is unlikely to take place due to disagreements between the billionaire and the social network, which are in a legal battle.

Elon Musk wanted Twitter at the beginning of this year, but today he doesn’t want it anymore, which is causing a lot of dissatisfaction with the social network. Here’s how you can roughly sum up the conflict between the two sides, which has been going on for several months.

Twitter ready for forced takeover

But the blue bird intends to keep her out of this business and has set herself a specific goal: to force Elon Musk to buy her out. The decision was approved by almost all of its shareholders, as 98.6% voted in favor of this decision at the last general meeting held on Tuesday, September 13th.

The platform confirms its intent to proceed to complete the transaction and wants this to be done as soon as possible. For this, it is even planned to merge “immediately” with the billionaire’s affiliates, with a set deadline of “no later than September 15, 2022”, that is, this Thursday.

“Twitter is ready and willing to complete the merger with Mr. Musk’s affiliates immediately and in any event no later than September 15, 2022, the second business day after all prerequisites are met, which is the time required for the merger. agreement. »

Twitter in their press release

The outcome of the shareholder vote is not surprising given that Elon Musk’s $44 billion bid is well above Twitter’s current share price. The amount offered by the Tesla boss was fixed at $54.20 per share, well above the current share price of $41 (-25%).

Trial starts in a month

But getting Elon Musk to go through with his takeover, when he once again ditched it recently, will be a difficult task in view of the legal battle that is brewing between the two parties.

The Tesla boss also intends to rely on information disclosed by Pater Zatko, the former Twitter security chief who became a whistleblower claiming that the social network has serious flaws regarding the security of its users.

The first trial will take place on October 17 in a Delaware court in the United States. In the lawsuit, Twitter accuses the billionaire of deliberately defrauding him in order to lower the share price, while Elon Musk accuses the platform of lying to him about the number of fake accounts. Last month, the CNIL also decided to launch an investigation into this matter.

But several people are reporting that the billionaire’s jacket flip will be largely due to the plunge in Twitter’s value that he himself caused.

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