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Twitter shareholders overwhelmingly voted for Tesla CEO Elon Musk to take over the social media platform. “About 98.6% of votes cast at the special meeting approved the proposal to adopt the merger agreement,” the social media giant said.

Shareholders want Elon Musk to take over Twitter

Twitter Inc. (NYSE: TWTR) announced on Tuesday that its shareholders have approved a previously announced $44 billion deal for Tesla CEO Elon Musk to acquire the social media platform.

“Based on a preliminary table of shareholder votes,” the announcement reads:

Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement.

“Shareholder Approval satisfies the final condition precedent to closing of the Merger under the Merger Agreement (other than those conditions which by their nature must be satisfied upon closing),” Twitter explained, specifying:

Twitter is ready and willing to complete the merger with Mr. Musk’s affiliates immediately, and in any event no later than September 15, 2022.

Musk Free buy Twitter for about $44 billion in April. However, he later accused the social media company of a “material breach” of their agreement in June. The Twitter deal is “temporarily suspended pending details supporting the calculation that spam/fake accounts actually represent less than 5% of users,” Musk said at the time.

Tesla CEO officially terminated its takeover bid for Twitter in early July. The social media company filed a complaint a few days later before the Delaware Court of Chancery to compel Musk to finalize the acquisition. Musk hit back at Twitter.

At the end of August, Musk described new reasons to withdraw from the agreement with Twitter, citing a whistleblower report. The social media company insisted that Musk’s termination of the buyout deal “is invalid and without merit.”

Meanwhile, the United States Securities and Exchange Commission (SEC) has probe Twitter regarding its spam accounts. Early August, Musk disputed Twitter CEO Parag Agrawal in a public discussion about fake accounts and spambots.

Musk recently sold 7,924,107 shares of Tesla. “In the (hopefully unlikely) event that Twitter forces this deal through and certain financial partners don’t show up, it’s important to avoid a fire sale of Tesla stock,” the billionaire said. . Explain.

Do you think Elon Musk will do a good job with Twitter? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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