Twitter summons its shareholders to vote on the sale agreement to Elon Musk

Follow the ‘soap opera’ of the purchase of Twitter by Elon Musk. / Reuters

On September 13 they will have to decide if they accept the 44,000 million dollars from the owner of Tesla


Twitter has called this Tuesday a vote for next September 13 in order for its shareholders to approve the sale agreement of the company initially agreed with the CEO of Tesla, Elon Musk, for a value of 44,000 million dollars (43,340 million euros).

This has been announced by the company in a statement shared by the National Securities Market Commission of the United States in which it is detailed that the shareholders of the social network must vote to adopt the merger plan, despite the subsequent refusal of the billionaire by backing out of the agreement, as reported by CNN.

“You will be asked to consider and vote on a proposal to adopt the Agreement and Plan of Merger dated April 25, 2022 (…) You will also be asked to consider and vote on a proposal to approve the compensation that Twitter will or may pay its designated executive officers in connection with the merger,” the company said in a statement.

If the merger is eventually completed, Twitter has announced that it will pay its shareholders $54 (€53) for each share they own, a premium of approximately 38 percent of the closing price of Twitter shares on April 1, 2022. , the last full day of trading before Musk announced his roughly 9 percent stake in the company.

In early July, Musk told Twitter that he was renouncing the social network’s purchase contract after receiving no response from the company when requesting information about the number of fake accounts found on the platform, as well as how to the company to audit and suspend them.

A little earlier, in mid-May, the tycoon decided to temporarily suspend the purchase of Twitter, agreed at the end of last April for some 44,000 million dollars (43,620 million euros), pending details that would support the calculation of the company that fake accounts account for less than five percent of users.

Subsequently, through a letter sent in early June by Musk’s lawyers to the United States Securities Market Commission (SEC), the billionaire’s legal team considered Twitter’s position a “substantial breach” of its obligations under the merger agreement, for which they warned that Elon Musk “reserves all resulting rights, including his right not to consummate the transaction and his right to terminate the merger agreement.”

The trial will be held for Musk’s reversal in the purchase of Twitter will be held next October, after the judge of the Delaware Court of Equity Jude McCormick agreed with the social network alleging that the ruling should be given before on the 24th of that month, thus accelerating the judicial process.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent News

Editor's Pick