Twitter shareholders will vote on Elon Musk’s offer to buy the social network at a meeting in September, just one month before they are scheduled to go to court with Musk over his push to terminate their $44 billion acquisition deal.
Key Facts
The Twitter board of directors unanimously believes their shareholders should vote yes on the Musk deal, even as the CEO seeks to call it off. The date of the vote has been set for September 13th in a Tuesday afternoon regulatory filing.
The company acknowledged that Musk’s offer was fair and in the best interest of Twitter, and said they are still committed to closing the merger.
At some point in October, Twitter and Musk will head to the Court of Chancery in Delaware to go on trial. This comes after Twitter filed a lawsuit against Musk earlier this month and requested that they be forced to purchase the company at the originally agreed-upon price.
KEY BACKGROUND
Twitter’s legal battle with Elon Musk follows months of recent events involving Musk’s offer to buy the company. The deal was put on hold weeks into negotiations and has now been terminated, backing out due to spam accounts. Twitter’s attorney insists the agreement doesn’t allow for disputes over spam accounts and that data has been given to support their 5% tweet estimate.
According to our estimation, Elon Musk is worth $243.9 billion, which is mostly attributed to his stake in Tesla. This makes him the world’s wealthiest person.
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