Twitter and Musk: Shareholders approve Musk acquisition
Twitter shareholders have agreed to acquire Elon Musk for $44 billion. They are now paving the way for the court case between Twitter and Musk.
The case between Twitter and Musk, meanwhile, has offered some confusion. First, the Tesla boss announces full-bodiedly that he wants to take over the short message service for the record sum of 44 billion US dollars.
Then it suddenly seems like Musk is looking for excuses to withdraw from the purchase. He has now done so, which is why both parties are expected to meet in court in October.
Twitter shareholders have now also paved the way for this. Because they agreed to take over Elon Musk for his original record bid.
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The majority of Twitter shareholders have voted to accept Elon Musk’s takeover bid. That quoted Bloomberg from the provisional counting result of the votes.
The shareholders have thus accepted Musk’s record offer of $54.20 per share and followed the wishes of the Twitter board. Because he had asked the shareholders, together with two consulting firms, to approve the deal.
After Elon Musk’s takeover withdrawal, this request might seem a bit grotesque. But from Twitter’s point of view, the approval of the shareholders was the last step that was missing for Elon Musk to be able to realize his takeover.
How does such a vote work?
In the past few weeks, Twitter has repeatedly asked its shareholders to take part in the vote Bloomberg keep writing. They were able to cast their votes several weeks before the extraordinary shareholders’ meeting.
During the meeting convened especially for the vote, investors had three minutes to vote. The meeting lasted only seven minutes.
Overall, according to Twitter, 98.6% of the votes cast were in favor of the takeover. Elon Musk, who is already one of Twitter’s largest shareholders, is said to have not participated in the vote, according to insiders.
Whistleblower Peiter Zatko testifies before the US Senate
But while Twitter let its investors vote on the takeover, ex-security chief and whistleblower Peiter Zatko Testified before the US Senate.
His allegations could have a major impact on the outcome of the court case. Because last week, the responsible judge had agreed that Musk may use some of the whistleblower’s allegations in the process.
Before the US Senate, Zatko reiterated his allegations that Twitter’s security flaws pose a risk to national security. Because Twitter is a “ticking bomb of security vulnerabilities”.
According to Zatko, by 2020 Twitter was already “more than a decade behind industry standards” on security issues. Twitter denies these allegations. According to the short message service, Zatko is a “disgruntled former employee who was fired for poor performance,” as Bloomberg summarizes.
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