Elon Musk may be fighting tooth and nail to get out of his Twitter buyout deal, but the social media company’s shareholders plan to keep it.
Twitter shareholders on Tuesday voted in favor of Musk’s $44 billion takeover deal, a value of $54.20 a share. The company’s stock opened on Tuesday at just under $41 a share, nearly 25% below the trade price.
The vote came days after Musk’s third letter to Twitter seeking to rescind the deal, with this one pegged to an alleged $7.75 million damages the company made to its former security chief, Peiter Zatko, who he later denounced. its alleged security and privacy vulnerabilities.
In the letter, Musk’s lawyers alleged that the payment – which would have been made to Zatko and his lawyers on June 28 as part of a separation agreement – violated a clause in the acquisition agreement.
Twitter agreed not to provide compensation to employees in amounts outside the “normal course of business consistent with prior practices,” according to the agreement.
Twitter called Musk’s latest attempt to exit the deal “invalid and unfair”.
Musk first sent a letter to end the deal in July, claiming that Twitter violated the deal by misrepresenting the number of spam and fake bot accounts on its platform. Twitter sued Musk to complete the acquisition, accusing the billionaire of using bots as a pretext to get out of a deal he developed buyer’s remorse for after a market downturn.
Zatko testified in front of the US Senate on Tuesday about what he claimed were serious Twitter security and privacy vulnerabilities, including possibly having foreign intelligence agents on its payroll.
The case between Musk and Twitter is scheduled to go to trial on October 17.
— CNN Business’s Clare Duffy contributed to this report
Source: CNN Brasil

Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.