Twitter shareholders okay Elon Musk's $44-billion offer to buy the company, on his terms
Twitter shareholders have agreed to the terms of Tesla CEO Elon Musk’s $44 billion bid to buy the company and shall proceed with their lawsuit against the billionaire.
Following Musk’s bid to buy the company in April this year, pledging to pay the company USD 54.20 per share for Twitter, a legal battle between Musk and Twitter ensued after Musk dropped out of the deal citing discrepancies in information about fake accounts on the platform.
After a prolonged period of discussions among the Twitter board, the company has reached a consensus to go ahead with the lawsuit intended to compel Musk to finalise the deal.
The legal proceedings are expected to kick off in October, though Musk and his legal team are hoping to buy more time and delay the proceedings to late November.
These developments surface in light of Twitter whistleblower Pieter Zatko alleging the undisclosed security and privacy vulnerabilities, including that it may not be deleting the data of users who leave the platform as it is required to do, and it may have foreign intelligence agents on the payroll, according to CNN.
The billionaire took to Twitter to tweet his reactions as the hearing commenced,
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— Naughtius Maximus (@elonmusk) September 13, 2022
Musk and his lawyers are looking to use Zatko’s testimony as grounds to terminate the deal with Twitter, while Twitter stakeholders seem desperate to get Musk to procure the company.