HomeCURRENT AFFAIRSBUSINESSTwitter Shareholders Approve Elon Musk's $44 Billion Buyout Deal

Twitter Shareholders Approve Elon Musk’s $44 Billion Buyout Deal

Tesla CEO Elon Musk may have backed out of the plan to buy Twitter, but Twitter shareholders have accepted the offer. Twitter shareholders on Tuesday approved Tesla CEO Elon Musk’s offer to acquire the company for $44 billion. In this meeting held online, the shareholders voted through phone-laptop. As reported by The Verge, Twitter confirmed that shareholders’ approval has been received to approve the deal.

This approval of Twitter’s shareholders has come at a time when Elon Musk’s legal team is fighting a legal battle to get out of this deal. Twitter has sued Musk for violating the deal agreement. On Tuesday, Twitter’s shareholders also approved the company’s operators to initiate legal action against Elon Musk if he backed out of the deal. It is believed that the hearing on this case between the two will start from mid-October.

Twitter’s former security chief Jatki has alleged that the company misled regulators about its security protocols and the actual number of fake accounts. Elon Musk, based on Jatki’s testimony, said that Twitter did not give him any information about the fake accounts. This is the reason why he decided to end this $ 44 billion deal.

Elon Musk, the world’s richest person, had signed an agreement with Twitter for a deal with Twitter in April this year. According to this agreement, he had proposed to acquire the company for about $ 44 billion at $ 54.20 per share. This deal was being called the most expensive sale in the history of a tech company. However, this agreement did not go ahead. Elon Musk made several allegations of fraud on Twitter a few days after signing the agreement.

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