Twitter takeover: Shareholders urged to vote

Twitter shareholders are invited to vote on September 13 as part of Elon Musk’s acquisition of the company. This is evidenced by a document filed on July 26 with the Securities and Exchange Commission (SEC), which regulates American financial markets. The consultation will take place a few days before the opening of the lawsuit between the billionaire and the social network.

Twitter shareholders spoke out

Parag Agrawal, CEO of Twitter, and Bret Taylor, chairman of the company’s board of directors, invited their shareholders to a “special meeting” in September. According to the SEC, this will take place via videoconference. In the course of this, shareholders will have to decide whether they want to continue the process of taking over Twitter by Elon Musk. The Tesla CEO announced at the end of April that he wanted to buy the social network for $44 billion. His offer was approved by the group’s board of directors and an agreement was signed to take over Twitter at $54.20 per share.

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In early July, the SpaceX CEO reconsidered his decision. He accuses Twitter of not giving him the information he needs to estimate the number of fake accounts on the platform. This data is important to Elon Musk because it will allow him to calculate the percentage of daily active users potentially affected by ads. The billionaire has pledged to more than double his ad revenue by 2028.

In response to the recall, the San Francisco-based company filed legal proceedings, citing an “invalid and unreasonable” decision. Bret Taylor tweeted that “Twitter’s board is seeking to complete the deal at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement. We are confident that we will win in the Delaware Court of Chancery.”

On July 19, when Elon Musk requested a hearing next February, the Delaware Court of Chancery, a court that specializes in corporate litigation, ruled in favor of Twitter. A trial between the two parties is due to take place in October to prevent “irreparable damage” to the company. To be continued…

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