Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to take over the social media platform. “Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement,” the social media giant said.
Shareholders want Elon Musk to take over Twitter
Twitter Inc. (NYSE : TWTR), announced Tuesday that shareholders approved the previously announced $44 Billion agreement with Tesla CEO Elon Musk for the acquisition of the social media site.
“Based on a preliminary tabulation of the stockholder vote,” the announcement reads:
The proposal for the adoption of the merger agreement was approved by approximately 98.6%.
“The shareholder approval satisfies the final condition precedent to the closing of the merger under the merger agreement (other than those conditions that by their nature are to be satisfied at closing),” Twitter explained, elaborating:
Twitter remains ready and available to close the deal with Musk affiliates as soon as possible, but no later than September 15, 2022.
Musk had offered to acquire Twitter for approximately $44 billion in April. However, he subsequently accused the social media company of a “material breach” of their agreement in June. The Twitter deal is “temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said at the time.
In July, Tesla’s CEO officially canceled his offer to purchase Twitter. A few days later, the Delaware Court of Chancery filed a suit to force Musk to finish the acquisition. Musk responded with Twitter.
Musk presented new reasons to end the Twitter agreement with Twitter at the beginning of August. This was based on a whistleblower investigation. The social media company has insisted that Musk’s termination of the buyout agreement “is invalid and without merit.”
The U.S. Securities and Exchange Commission has been investigating Twitter’s spam accounts. Musk challenged Parag Agrawal, CEO of Twitter to engage in a public discussion about spam bots and fake accounts.
Musk has recently sold 7,924,107 Tesla shares. “In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” the billionaire explained.
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