Twitter shareholders have overwhelmingly voted in favor of Elon Musk’s takeover of the platform at a general meeting. But the acquisition will hardly take place in view of the disputes between the billionaire and the social network which are waging a legal battle.
Elon Musk wanted Twitter earlier this year but today he doesn’t want it anymore, which strongly displeases the social network. This is how one could roughly sum up the conflict between the two parties which has been going on for months now.
Twitter is ready to force takeover
But the blue bird intends not to let it go in this affair and has given itself a specific goal: to force Elon Musk to redeem it. A decision approved by almost all of its shareholders, since 98.6% voted in favor of this decision at the last general meeting held on Tuesday, September 13.
The platform affirms its intention to go to the end of the transaction and wants it to be done as soon as possible. To do this, it even plans to merge ” immediately “ with affiliates of the billionaire, with a given deadline “no later than September 15, 2022”or this Thursday.
“Twitter is ready and willing to complete the merger with Mr. Musk’s affiliates immediately, and in any event, no later than September 15, 2022, the second business day following satisfaction of all conditions precedent, which is the time required by the merger agreement. »
Twitter in its press release
The outcome of the shareholder vote is not surprising, given Elon Musk’s $44 billion bid significantly above Twitter’s current stock price. The amount proposed by the boss of Tesla was fixed on a basis of 54.20 dollars per share, a figure well above the current value of the action of 41 dollars (-25%).
Start of trial in a month
But forcing Elon Musk to go through with his takeover, when he once again refused it recently, will be a difficult task in view of the legal battle which is brewing between the two parties.
The boss of Tesla also intends to rely on information disclosed by Peiter Zatko, the former security chief of Twitter who has become a whistleblower, claiming that the social network has major shortcomings in relation to the security of its users.
The first trial will take place on October 17 in the Delaware court in the United States. In this lawsuit, Twitter accuses the billionaire of having deliberately deceived him to bring down the share price, and Elon Musk accuses the platform of having lied to him about the number of fake accounts. The CNIL has also decided to open an investigation on this subject last month.
But several people report that the reversal of the billionaire’s jacket would be mainly due to the fall in the value of Twitter, which he himself caused.