Twitter Shareholders Approved The Elon Musk's Bid For Buying The Company
On Tuesday, the Twitter shareholders finally held a vote and decided to approve the $44 billion bid made by Elon Musk to buy the company. If the deal goes through, they will be able to take it private.
However, the timing of this vote comes at an interesting time as Musk is trying to turn away from his deal. He believes that the reported percentage of fake accounts on Twitter is a lot more than what was being admitted by the company. However, Twitter is still standing behind its numbers and believes that only 5% of its accounts are fake or spam.
Twitter Is Suing Elon Musk
So, on the one hand, Twitter believes that it followed the requirements and provided everything that was required on its part. On the other hand, Elon Musk believes that Twitter didn't share the actual numbers of fake or spam accounts on the platform.
Based on Elon Musk's calculations, the number of spam or fake accounts is a lot higher than what was reported. So in that sense, he claimed that Twitter was not honest and forthcoming as it should be!
As a result, Elon Musk is trying to scrap the multi-billion dollar deal and is no longer interested in buying the company.
The whole stunt actually hurt Twitter shares, and as a result, Twitter is suing Mr. Musk on the account that he breached the original agreement. Somewhere around mid-October, that trial will start in the Delaware court.
Considering how both parties are at each other throats and are about to join a lengthy legal trial, it doesn't make sense why Twitter would make a move like this. Maybe it is something that was suggested by their layers? Perhaps it is more of a pressure tactic to force the Billionaire to go through with the deal.
Anyway, it seems that we are not going to see this deal go through for at least some more time!