Twitter shareholders voted to approve an agreement with Elon Musk to buy the company for $44 billion. The decision was made during a short conference call with investors from the company’s headquarters in San Francisco, reports BBC.
Twitter will now try to force Elon Musk to buy the company through the courts. The meeting took place after the testimony of former head of the company’s security service Peter Zatko before the US Senate.
In April, Twitter agreed to sell the company to Elon Musk, but the deal was delayed after Musk said the company lied to him about the number of bots on the platform. He said that changed his mind about buying the social network in May, but Twitter says Elon Musk can’t back out of the deal.
Twitter claims that less than 5% of monetized daily active users and those who may view ads are bots. While Elon Musk states that the number of fake accounts on the platform may be many times higher. Twitter is now valued at $32 billion, which is significantly lower than the $44 billion for which Musk wanted to buy it. The shareholder vote could have spelled the end of Twitter’s lawsuit, but now they’ve given the company the green light to continue legal battles against Elon Musk.
The parties will appear in court in the state of Delaware in October. During the hearing, a judge will decide whether Musk should buy Twitter. Shortly before that, the former head of the company’s security service, Peter Zatko, was in Washington, testifying before the Senate Judiciary Committee about the social network’s alleged security flaws.
He told US lawmakers that the company was “misleading the public” about how secure the platform was. The man also said that Twitter was “decades behind” on security standards. Twitter itself reports that Zatko has been fired, and these statements are inaccurate. Earlier, Peter Zatko supported Elon Musk’s thesis that the platform has more spam and fake accounts than it admitted. However, during the hearings in the Senate, he did not clarify this.
It is also known that Musk’s lawyers will be allowed to use Zatko’s testimony in court. Although his report in the Senate was mostly focused on national security issues – and was not officially related to Musk’s attempt to get out of the deal to buy Twitter.
We remind, earlier it was reported that Elon Musk did not buy Twitter because he was worried about the “World War III” on the eve of May 9.