Twitter shareholders vote to approve Elon Musk’s bid to buy the company

Technology

In this article

Twitter shareholders voted Tuesday to approve Elon Musk’s $44 billion bid to buy the company and take it private.

The vote comes as Musk seeks to scrap the deal, casting doubt on Twitter’s self-reported percentage of fake accounts and alleging the company was not as forthcoming as it should have been with its explanation of the calculation. Twitter has stood by its figure of less than 5% of monetizable daily active users being spam or fake and has said it’s provided Musk plenty of information meeting the requirements of the deal.

This illustration photo taken on August 5, 2022 shows a cellphone displaying a photo of Elon Musk placed on a computer monitor filled with Twitter logos in Washington, DC.
Samuel Corum | AFP | Getty Images

Twitter sued Musk for allegedly breaching the agreement and the case is currently making its way through the Delaware Court of Chancery, with a trial expected to begin in mid-October.

The judge in the case recently allowed Musk’s camp to revise his counterclaim against Twitter to include allegations made by a former Twitter security chief who recently filed a whistleblower complaint claiming egregious securities failings by the company. The whistleblower, Peiter “Mudge” Zatko, testified before a Senate panel earlier on Tuesday.

Subscribe to CNBC on YouTube.

WATCH: A timeline of the Elon Musk-Twitter takeover saga

Articles You May Like

Huck Cycles Overland is a US-made Mad Max-style electric moped proving popular in big cities
NASA, SpaceX to Explore Methods to Boost Hubble Telescope Orbit to Extend Lifespan
EV charge points in Britain are now nearly as expensive as gasoline, research shows
Amazon temporarily closes some Florida warehouses as Hurricane Ian approaches
Louise Fletcher, the Oscar-winning Nurse Ratched in One Flew Over The Cuckoo’s Nest, dies aged 88