Voting date set for Musk merger

Date:27 July 2022 Author: Rienk De Beer

Twitter announced that on September 13, a shareholder meeting would be held to cast votes on Elon Musk’s $44 billion (R740 billion) purchase of the tech giant.

The shareholder meeting will be broadcast and start at 10:00 AM Pacific Time. The business announced in a filing with the Securities and Exchange Commission that shareholders will be able to watch the meeting live and then cast their votes.

The board of directors of Twitter has already asked the company’s shareholders to consent to Musk’s purchase of the business.

On July 8, Musk informed Twitter that he intended to cancel the deal, citing, among other issues, claims that the firm had improperly counted the amount of spam and fraudulent accounts using its site.

Twitter later filed a lawsuit against Musk to enforce the agreement, alleging that Musk “refuses to execute his duties to Twitter and its stockholders because the transaction he made no longer serves his personal interests.”

Although the two parties are still at odds over the time, the matter is scheduled to go to trial in October.

 

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