On September 13, the $44 billion acquisition agreement between the social media behemoth Twitter and billionaire businessman Elon Musk was approved by the company’s shareholders.
The majority of Twitter’s shareholders approved Musk’s $54.20 per share buyout bid, which he had made in April. However, in July, Musk “terminated” the agreement due to the “inaccurate portrayal” of spam accounts on the platform.
The San Francisco-based business sued Musk for cancelling the contract, but the Tesla CEO filed a counterclaim, alleging Twitter had exaggerated the number of phoney and spam accounts utilising its service.
Mid-October is when the court battle is anticipated to begin. With the ruling, Musk and Twitter can now move forward with a trial scheduled for the Delaware Court of Chancery in October. The report stated that Twitter “would seek to clinch the transaction nevertheless, arguing that Musk’s reservations are really a pretext for stepping away.”
A US Senate committee heard testimony from Twitter leaker Peter Zatko about the vote case. In addition, citing Zatko’s testimony, the Tesla CEO is attempting to persuade the court to grant him additional time before the Twitter trial, which is scheduled to begin on October 17. The week-long trial would be moved to late November under a fresh schedule suggested by Musk’s legal team. The ex-head of Twitter’s security division claims that the company lied to authorities about its security procedures and the true number of bot accounts.