by Kevin Helms
Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to take over the social media platform. “Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement,” the social media giant said.
Twitter Inc. (NYSE: TWTR) announced Tuesday that its stockholders have approved the previously announced $44 billion agreement for Tesla CEO Elon Musk to acquire the social media platform.
“Based on a preliminary tabulation of the stockholder vote,” the announcement reads:
Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement.
“The shareholder approval satisfies the final condition precedent to the closing of the merger under the merger agreement (other than those conditions that by their nature are to be satisfied at closing),” Twitter explained, elaborating:
Twitter stands ready and willing to complete the merger with affiliates of Mr. Musk immediately, and in any event, no later than on September 15, 2022.
Musk offered to buy Twitter for about $44 billion in April. However, he subsequently accused the social media company of a “material breach” of their agreement in June. The Twitter deal is “temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said at the time.
The Tesla CEO officially terminated his offer to buy Twitter in early July. The social media company filed a lawsuit a few days later in the Delaware Court of Chancery to compel Musk to complete the acquisition. Musk countersued Twitter.
At the end of August, Musk outlined new reasons to walk away from the deal with Twitter, citing a whistleblower report. The social media company has insisted that Musk’s termination of the buyout agreement “is invalid and without merit.”
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has probed Twitter regarding its spam accounts. In early August, Musk challenged Twitter CEO Parag Agrawal to a public debate about fake accounts and spam bots.
Musk recently sold 7,924,107 shares of Tesla. “In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” the billionaire explained.
Do you think Elon Musk will do a good job running Twitter? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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by Kevin Helms