Shareholders approve deal to sell Twitter to Musk

Twitter shareholders supported the sale of the company to billionaire Elon Musk for $44 billion, i.e. at $54.2 per share, reported Business Insider edition.

Today, the company’s shares opened at $40.76 per share. Voting took place at a six-minute meeting in an online format.

The purchase agreement was reached in April, but on July 8, Musk officially abandoned the purchase of Twitter and notified the company about it. The reason was an inflated number of real Twitter users due to the large number of robot accounts. The same was reported by the former head of Twitter security, Peter Zatko, who said that the company’s management does not know the exact number of fake accounts. In turn, Twitter claims that the share of such accounts does not exceed 5% of the total number of users. According to the billionaire, fake accounts can exceed 20-25% of all Twitter users.

Later, the management of the social network filed a lawsuit against him in order to close the deal. According to the company, Musk is pulling out of the deal due to the depreciation of Twitter shares. At the end of July, Musk filed a counterclaim, details of which were not disclosed.

It later emerged that Musk found a new reason to end the $44 billion deal to buy Twitter — a statement by Zatko, who was fired earlier this year. He reported shortcomings in the work of the social network with personal data, including the use of outdated software. He also drew attention to the fact that the company’s management hid information about violations of cybersecurity rules, including hacking user accounts. Twitter called these claims false.

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