Top Line

Twitter shareholders formally voted to accept Elon Musk’s $44 billion offer to take the company private, multiple outlets reported Tuesday afternoon, a largely expected move that could spark a truce between the company and Musk. Adds to the bizarre, dramatic public display as the world’s richest man displays buyer’s remorse.

Key Facts

Twitter announces vote passing in five-minute investor call according to CNBC.

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Reuters and wall street journal reported on Monday night that Twitter received enough votes to pass the measure.

Twitter shares rose .6% to $41.72 in Tuesday’s trading on an otherwise disappointing day for the markets.

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Twitter announced April 25, 21 days after Musk reached an agreement with Musk exposure He became the company’s largest shareholder, setting the stage for a potentially hostile takeover. It was an awkward marriage, given that Musk was a staunch critic of the platform’s policies, and sparks quickly flared up between the two, as Musk filed paperwork on July 8, looking to back down from the deal, Blamed the presence of spam and fake accounts. location. Twitter later sued Musk in Delaware’s Court of Chancery over the deal. Musk’s argument gained strength last month when a whistleblower complaint from Twitter’s former cybersecurity chief Peter Zatko went public, accusing the company of misleading investors and regulators on a range of issues, including user privacy and the presence of bots on the site. went. A Delaware judge ruled last week that Musk could include information from the whistleblower complaint in his countersuit, though the court denied his request to delay the trial.

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30%. That premium reflects Musk’s $54.20 per share purchase price of Twitter stock’s $41.72 ticker Tuesday. Twitter shares are trading at roughly the same price as the stock Musk revealed he was buying, but soared more than $50 in April and May, before Musk went public with his hesitation. .

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Musk and Twitter’s Delaware trial will last five days, starting October 17.

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Zatko testified before the Senate Judiciary Committee on Tuesday morning, detailing his whistleblower complaints and his ties to national security. At one point, he told lawmakers that a Twitter executive dismissed his concerns about the platform employing foreign agents. Sen. Ron Widen (D-Ore.) reported Forbes He was “deeply disturbed” by the testimony.

forbes valuation

We estimate that Musk is worth $266 billion, which is about $100 billion more than anyone else. Much of his fortune is thanks to his stake in Tesla, which he leads as CEO. musk exposure In August he sold off about $7 billion worth of Tesla stock, explaining that he needed the cash if Twitter was unable to back out of the deal.

Whistleblower tells Congress, ‘Twitter cared about development more than infiltrating spies’Forbes,

Twitter shareholders are ready to approve the deal with Elon Musk — even as he’s trying to end itForbes,

Musk wins request to include whistleblower’s claims in Twitter suit—but judge denies delayForbes,