Daily Management Review

Twitter shareholders approve sale to Elon Musk


09/14/2022


Elon Musk's offer to purchase Twitter for $44 billion was approved by Twitter shareholders at a special meeting, according to CNBC.



Yuri Samoilov via flickr
Yuri Samoilov via flickr
Twitter has already taken the world's richest man to court to force him to finalize a deal to purchase the social network for $44 billion. In turn, Musk is attempting to escape the situation.

Musk owns the most shares of Twitter, holding close to 10% of the company. He hasn't cast a vote yet, and WSJ sources claim that he won't likely vote in favor of the agreement. Musk's agreement with Twitter calls for him to cast a vote in favor of the arrangement. His backing won't matter, though, if enough investors approve of the deal.

The shareholder vote took place as Musk and Twitter officials were engaged in legal proceedings. Due to the businessman's wish to back out of the arrangement, the social network sued him first. The social media platform wants to finish the transaction in court. In response, Musk sent counterclaims, albeit he hasn't yet made the claim's specifics public.

source: cnbc.com, wsj.com