Twitter shareholders approve Elon Musk’s acquisition deal
By MYBRANDBOOK
Social media giant Twitter's shareholders have approved the $44 billion acquisition deal which was inked by the company with Tesla CEO Elon Musk. Majority of its shareholders voted in favour of Musk’s buyout offer of $54.20 per share.
Musk terminated the deal in July due to the “inaccurate representation” of spam accounts on the platform. Twitter then sued Musk for terminating the agreement, while the Tesla Chief Executive countersued, accusing Twitter of misrepresenting the number of false and spam accounts on its service.
The approval comes ahead of the trial next month over whether the $44 billion deal should be completed. The trial is scheduled to begin on October 17. Recently, Twitter’s ex-security Chief, Peter Zatko, a whistle-blower, alleged that his former employer lied to Musk about bot accounts and had subpar security practices. Twitter dismissed the complaint as inaccurate.
Zatko has also claimed that Twitter is plagued by weak cyber defenses that make it vulnerable to exploitation by “teenagers, thieves and spies” and put the privacy of its users at risk. Zatko joined Twitter in late 2020 at the urging of then-CEO Jack Dorsey. He was fired from the company in January this year.
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