Twitter Shareholders Approve $44 Billion Musk Buyout

US

Twitter shareholders on Tuesday voted to approve Elon Musk’s buyout of the platform.

The shareholders voted to approve Musk’s $44 billion bid and to take the social media company private.

CNBC reported:

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Twitter shareholders voted Tuesday to approve Elon Musk’s $44 billion bid to buy the company and take it private.

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The vote comes as Musk seeks to scrap the deal, casting doubt on Twitter’s self-reported percentage of fake accounts and alleging the company was not as forthcoming as it should have been with its explanation of the calculation. Twitter has stood by its figure of less than 5% of monetizable daily active users being spam or fake and has said it’s provided Musk plenty of information meeting the requirements of the deal.

Twitter sued Musk for allegedly breaching the agreement and the case is currently making its way through the Delaware Court of Chancery, with a trial expected to begin in mid-October.

In July Elon Musk sent Twitter a letter announcing that he was canceling the deal to purchase Twitter because Twitter had not provided information on how bots are calculated at the site. This is pertinent due to the advertising dollars based on real accounts and not bot accounts. The problem for Twitter is that it has been reporting that 5% or less of its accounts are bots.

When Musk asked for more information from Twitter on its reporting related to mDAUs and bots, Twitter did the following according to the below Twitter account:

Twitter provided a vague response
Then provided outdated data
Then offered a fake data set (not the real “firehose” of data it claimed)
Then provided a cleaned data set where Twitter had already suspended the malicious accounts.

Elon Musk in July also filed a countersuit against Twitter after the social media giant scheduled a vote on the deal after Musk canceled the purchase.

The 164-page lawsuit was filed under seal in Delaware’s Court of Chancery, the New York Post reported.

Despite Elon Musk canceling his offer to purchase the company, Twitter shareholders voted on Musk’s purchase of the company anyway.

The trial is set for mid-October.

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