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Twitter (TWTR) shareholders vote to approve Elon Musk's $44 billion buyout

Twitter's annual shareholder meeting saw investors vote in favor of Elon Musk's buyout ahead of the Twitter v Musk trial in October.

Image via Getty Images
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In what could have been expected from the get-go, Twitter shareholders have voted for the company to move forward with Elon Musk’s $44 billion USD buyout. During the annual Twitter Shareholders Meeting, a preliminary vote was held in which investors were strongly in favor of the deal going forward and the company accepting Musk’s $54.20 share price. Despite the upcoming trial due to Musk trying to call off the deal, the vote has been cast to move it forward by Twitter.

The results of the preliminary vote on Elon Musk’s acquisition of Twitter were shared on September 13, 2022, as reported by Bloomberg. While Musk’s lawyers have worked frantically to try to cut him loose from the deal, Twitter has contended that it fulfilled its obligations where Musk has not worked to fulfill his own end of the ongoing deal and its terms. This led up to Musk’s lawyers going as far as to file three letters of allegations, two of which regarded Twitter’s recent payoff of a whistleblower who cried foul at Twitter’s handling of information in security and in the deal with Musk.

Twitter's 5-day stock chart on Google as of September 13 at 2:15 p.m. ET.
Twitter (TWTR) stock climbed a bit on word of the vote to approve the Musk takeover, but is still trading well under Elon Musk's proposed $54.20-a-share buyout proposal.
Source: Google

Twitter has, in turn, contended that it fulfilled its obligations and handled affairs such as the whistleblower appropriately. Previously, Musk has also contended to being misled by Twitter in terms of how many bots make up the overall userbase of Twitter, as well as the alleged misrepresentation of stats regarding its monetizable daily active users (mDAU). The two entities are headed for court in October over the deal after Elon Musk tried to call it off outright.

With the Twitter shareholders having voted to approve the deal, it looks like Elon Musk in for a knockdown drag-out legal fight if he wants to avoid being left with the bag of Twitter’s ownership. As we near the court case in October, stay tuned for further developments and details.

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.

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