Nearly all of Twitter's shareholders have voted to approve the buyout deal with Tesla CEO Elon Musk, who agreed to buy the company for $44 billion but has since tried to back out.
Tesla CEO Elon Musk speaks in March 2019 before unveiling the Model Y at Tesla's design studio in Hawthorne, Calif.. Musk's legal team is demanding to hear from a whistleblowing former Twitter executive who could help bolster Musk's case for backing out of a $44 billion deal to buy the social media company.Tesla CEO Elon Musk speaks in March 2019 before unveiling the Model Y at Tesla's design studio in Hawthorne, Calif..
"The shareholder approval satisfies the final condition precedent to the closing of the merger under the merger agreement." Twitter said. The social media company said it is ready to complete the deal"immediately" and no later than Thursday, per the requirements of the agreement.Musk first agreed to buy Twitter in April for $44 billion. But a lawyer for Musk has sent multiple letters to the Securities Exchange Commission, with the most recent one dated last Friday.
The lawyer sent termination notices in July and August, and wrote that the most recent letter is"not legally necessary" but that he was sending it"in the event that the July 8 Termination Notice or, alternatively, the August 29 Termination Notice is determined to be invalid for any reason."over the crumbling deal. Musk claimed he changed his mind because the company had understated the prevalence of bots — fake accounts — on its platform.
Last month, Twitter's former head of security Peiter Zatko filed a whistleblower complaint alleging that the company's lax security practices put users' personal data at risk, and that the social media company in danger of violating a settlement agreement with federal regulators. He also alleges that the Indian government forced Twitter to hire two government agents who had access to sensitive data.
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