The meeting promises to be lively. On Wednesday, May 25, Twitter shareholders have an appointment with the directors of the social network for their annual general meeting. Elon Musk (9.2% of the shares), Jack Dorsey (2.25%), or the bank Morgan Stanley (8.8%) and the investment fund, The Vanguard Group, Inc (10.29%) will be invited to ask all their questions to the directors of the company.
The takeover of Twitter by the boss of Tesla will obviously be at the forefront of the discussions. If the vote on Elon Musk’s offer has been scheduled for a later date, shareholders should, for sure, mention the current blockage in negotiations between the billionaire and the board of Twitter. Since Thursday, May 5, the operation has been suspended at the request of Elon Musk.
The entrepreneur accuses Twitter of having underestimated the number of fake accounts registered on the platform. In a document submitted on May 2 to the SEC, the police of the American stock market, the teams of its general manager, Parag Agrawal, had assessed the presence of spam and automatic accounts (known as “bots”) at less than 5% ) on the entire social network.
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A stalled deal
Negotiations have not advanced since last week. The board of directors of Twitter refuses to reconsider the amount of the offer filed by Elon Musk at 54.20 dollars per share. During a meeting with its employees on May 19, the company’s lawyer, Vijaya Gadde, targeted by Elon Musk in one of his tweetsclaimed there was no question of “pausing” such a deal, reports Bloomberg.
“Musk finds himself at a crossroads,” commented US analyst Dan Ives on Tuesday. “He’s going to have to decide what’s the next step in this. soap operaif he does not want to wear out the patience of Tesla investors,” he adds. The loans made by Musk to buy Twitter are indeed weighing on Tesla shares, which lost 7% of their value on Tuesday. May 24.
Musk’s standoff to lower the price of the transaction is likely to “cause sparks” during this meeting, according to Dan Ives. Elon Musk already owns 9.2% of the group’s shares, which makes him its main shareholder. The billionaire did not say if he would be present at this general meeting. Unless he reserves his response to a last-minute tweet…