$44 Billion Musk Acquisition, Twitter Shareholders Approve

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14-09-2022, 19:30

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INA - SOURCES

Twitter shareholders gave the go head for Tesla CEO Elon Musk to acquire the social media platform and take it private, but the deal could still fall apart in a legal battle this fall.

Shareholders voted for the $44 billlion bid by Musk, who is attempting to back out of the deal.

Twitter has sued Musk for breaking the agreement, leading to a five-day trial in Delaware Chancery Court that is slated to start on Oct. 17 unless the two parties reach an agreement before then.

Musk has cast doubt on the number of fake accounts on Twitter, claiming the company was not as transparent in the number it reported.

Twitter has said that less than 5% of monetizable daily active users were either fake or spam. The company said it provided Musk with enough data and details to meet the deal's requirements.

Musk attempted to add whistleblower allegations to support his disputed takeover of the social media company.