Twitter shareholders on Tuesday, September 13, approved Elon musk’s takeover for the social media giant, it set the stage for the scrappy legal battle as must attempts to wriggle out of the deal.
Twitter previously urged the investors to greenlight the $44
bn acquisition, which values the company at $54.20 per share, that’s a
significant premium over the current price for twitter stock, with shares
opening at $40.76 on Tuesday. Tuesday’s vote took just six minutes and is the
latest chapter in the Musk-Twitter saga.
After buying a chunk of Twitter stock, and offering to take
the company private, Musk announced he was calling off his bid in July, he
alleged that Twitter misrepresented a number of phony accounts on its Twitter and then sued Musk to force him to follow through with the purchase.
Matters were complicated even further after a whistle-blower alleged the company was not entirely honest with the Tesla CEO.
Twitter’s ex-security chief, Peiter Zatko alleged the
company lied to Musk about bot accounts, and maintained subpar security
practices.
According to Insider, the claims could provide Musk
ammunition in his legal battle despite the company dismissing the complaints.
The Musk-Twitter trial in set to begin in Delaware Chancery Court in October
17.
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