Twitter shareholders voted overwhelmingly in favor of Elon Musk’s acquisition of the platform at a general meeting. But the acquisition is unlikely to take place given the disputes between the billionaire and the social network that are waging a legal battle.
Elon Musk wanted Twitter earlier this year but today he doesn’t want it anymore, which is very displeasing to the social network. So one could roughly summarize the conflict between the two sides that has been going on for months now.
Twitter is ready to force the acquisition
But the blue bird intends not to let him go in this affair and has set himself a specific goal: to force Elon Musk to redeem him. A decision approved by almost all of its shareholders, since 98.6% voted in favor of this decision in the last general meeting held on Tuesday 13 September.
The platform states its intention to go to the end of the transaction and wants this to happen as soon as possible. To do this, it even plans to merge ” immediately “ with the billionaire’s affiliates, with an expiration date “By 15 September 2022”or this Thursday.
“Twitter is ready and willing to complete the merger with Mr. Musk’s affiliates immediately and, in any event, no later than September 15, 2022, the second business day following the fulfillment of all conditions precedent, which is the time required by the merger agreement. “
Twitter in his press release
The result of the shareholder vote is not surprising given Elon Musk’s $ 44 billion offer significantly above Twitter’s current share price. The figure proposed by the Tesla boss was set on a basis of 54.20 dollars per share, a figure well above the current value of the share of 41 dollars (-25%).
Start of the trial in a month
But forcing Elon Musk to go through with his acquisition, when he turned it down again recently, will be a difficult task given the legal battle that is brewing between the two sides.
The Tesla boss also intends to rely on the information disclosed by Peiter Zatko, the former Twitter security chief turned whistleblower, arguing that the social network has major shortcomings in relation to the safety of its users.
The first trial will take place on October 17 in the Delaware court in the United States. In this lawsuit, Twitter accuses the billionaire of deliberately deceiving him to bring down the share price, and Elon Musk accuses the platform of lying to him about the number of fake accounts. CNIL also decided last month to open an investigation into the matter.
But several people report that the billionaire’s jacket flipping was mostly due to Twitter’s drop in value, which he himself caused.
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