Twitter Shareholders Approve Elon Musk's $44 Billion Buyout Deal
17:11 GMT 13.09.2022 (Updated: 12:57 GMT 14.04.2023)
The tech mogul, however, earlier cast doubt on whether he would close the deal to buy the social media platform. Musk lamented that Twitter never properly measured the portion of the fake accounts and suggested that the company should cost less due to having more fake users than it originally claimed.
Twitter shareholders have voted to approve the company's sale to SpaceX and Tesla owner, Elon Musk, for a whopping $44 billion. Most of the shareholders voted online, the social media revealed.
The billionaire will thus have to pay $54.20 per share, while current market value floats around $41 per share after a major sell-off. However, Musk has been trying to scrap the deal citing a number of problems with it.
7 September 2022, 11:56 GMT
He namely insist that the share of spam and fake accounts in the social media platform is far greater that Twitter claims and for this its value should be more modest. Additionally, Musk took issue with Twitter paying off $7.75 million to its former security chief, Peiter Zatko, who had earlier whistleblown the tech company for bloating its capabilities in defending against cyberattacks and intrusions.
Twitter, on the other hand, finds Musk's arguments "invalid and wrongful" and has tried to force the billionaire into sticking to the promised deal via court. Court hearings are expected to start in October.