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Twitter shareholders vote to approve Elon Musk’s $44 billion purchase

By 09/13/2022 4:02 PMNo Comments

Elon Musk was planning to sue Twitter to avoid paying $44 billion for the firm, but the company’s shareholders recently approved his takeover proposal.

Twitter stock is valued at $54.20 a share in the deal, but it opened below $41 on Tuesday.

The vote came after Musk requested that the firm terminate their contract again, claiming that Twitter broke their agreement by removing Peiter Zatko, the former chief of security, and paying him a $7.75 million severance package.

In the acquisition agreement, Musk stated that the company promised not to provide severance payments beyond “the ordinary course of business consistent with historical practice.”

On Tuesday, Zatko testified before the Senate Judiciary Committee about the company’s practice of ignoring security and privacy concerns, including allegedly employing foreign intelligence workers.

Musk’s trial against Twitter begins in Delaware on October 17.

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