Twitter shareholders approve Musk’s $44bn buyout offer | Social Media News

Vote on the outcome of this deal for a US court battle between the social media giant and Tesla CEO Elon Musk.

Shareholders at Twitter approved Tesla CEO Elon Musk’s $44 billion payout suggestion to acquire the company, leaving the outcome of the deal effectively a looming tussle over the billionaire’s acquisition of the social media giant.

The vote count took place during Tuesday’s shareholder meeting lasting just a few minutes, with most of the votes cast online.

In July, Musk said that he terminate the agreement to buy Twitter, accusing the company of failing to provide information about fake or spam accounts on its platform.

Twitter has denied his claims and File a lawsuit asked a court in Delaware to keep Musk in the settlement. A trial is set for next month.

“Musk clearly believes that he – unlike every other party subject to Delaware contract law – is free to change his mind, corrupt the company, disrupt its operations, destroy the value of the stock. crowded and walked away,” Twitter’s lawsuit reads.

Twitter’s board of directors unanimously sold the platform to Musk for $44 billion in April, in a deal stir up controversy and question about freedom of speech and misinformation on popular social media platforms.

But months later, Musk’s lawyers said Twitter had failed or refused to respond to many requests for information about accounts known as “spam bots,” which are fundamental to its business. the company’s business – and they backed out of the purchase.

“Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has denied them for seemingly implausible reasons, and sometimes it has claimed compliance while providing Mr. Musk with incomplete information or unusable,” they said in a filing with United in July. The US Securities and Exchange Commission (SEC).

The company has said for years in legal filings that it believes about 5% of accounts on the platform are fake.

If Twitter prevails at trial, judge can order Tesla directors have to pay billions of dollars to the company, or even complete the sale.

As the court date approached, Musk find use revealed by a whistleblower on Twitter as part of a justification for abandoning his bid.

In his report on alleged security flaws at the company, Peiter Zatko addressed Musk’s questions about bot accounts directly, saying that Twitter’s tools and groups for finding accounts that’s not enough.

Zatko testified before a U.S. Congressional committee on Tuesday, accusing the company of “misleading the public, legislators, regulators and even its own board” and of failing to protect protect user data.

“They don’t know what data they have, where they live, and where they come from, and so it’s not surprising that they can’t protect it,” Zatko told lawmakers. “It doesn’t matter who has the key if there’s no lock.”

Twitter has dismissed claims by Zatko, the company’s former chief security officer who was fired earlier this year, as “a false story … contradictory and inaccurate” and lack of important context.

The company also said Zatko had been fired for “ineffective leadership and inefficiencies,” and that his accusations appeared to be aimed at harming the company.

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