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Twitter Stockholders Approve Deal To Be Acquired By Elon Musk

twitter feb07 13sep22 lt

Twitter's (TWTR) shareholders have voted to approve a deal with Elon Musk to buy the company for $44 billion.

Based on a preliminary tabulation of the stockholder vote, approximately 98.6% of the votes cast at the Special Meeting approved the proposal to adopt the deal.

Now, Twitter will legally try to force Elon Musk to buy the company after he terminated the deal earlier.

Twitter has sued the SpaceX and Tesla CEO in an attempt to force him to complete his agreement to acquire the social media company in the $44 billion deal.

In April, Twitter agreed to sell the company to the world's richest person. However, Musk later terminated his deal to acquire Twitter, claiming that the social media giant failed to comply with its obligations in the merger agreement. Musk's legal team claimed that Twitter did not provide Musk with relevant business information. Musk previously wanted to assess Twitter's claims that about 5% of its monetizable daily active users are spam accounts.

"Twitter continues to believe that Mr. Musk's purported termination of the merger agreement is invalid and without merit, and that the Musk parties continue to be bound by the merger agreement and obligated to complete the merger on the agreed terms and conditions," Twitter said in a statement.

Twitter is currently valued at $32 billion, far below the $44 billion offer from Musk.

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