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SATURDAY, MAY 31, 2025
Most Twitter shareholders vote in favor of sale to Musk, sources say

World+Biz

Reuters
13 September, 2022, 09:20 am
Last modified: 13 September, 2022, 09:29 am

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Most Twitter shareholders vote in favor of sale to Musk, sources say

Reuters
13 September, 2022, 09:20 am
Last modified: 13 September, 2022, 09:29 am
Twitter app logo is seen in this illustration taken, August 22, 2022. REUTERS/Dado Ruvic/Illustration
Twitter app logo is seen in this illustration taken, August 22, 2022. REUTERS/Dado Ruvic/Illustration

A majority of Twitter Inc's shareholders have voted in favour of the social media company's $44 billion sale to Elon Musk, people familiar with the tally said on Monday.

The deadline for the shareholder vote on the deal is on Tuesday but enough investors had voted by Monday evening for the outcome to be certain, the sources said.

The sources requested anonymity ahead of an official announcement. Twitter and Musk representatives did not immediately respond to requests for comment.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Shareholders were widely expected to vote in favour after a stock market downturn made Musk's $54.20-per-share deal for Twitter, which was signed in April, look pricey in the current environment. Twitter shares are now hovering around $41 per share.

Musk has informed Twitter he will not go ahead with the acquisition, arguing he was misled over the spam accounts on the platform and was not notified of a pay settlement the company reached with one of its top executives. The two sides are scheduled to battle it out in court next month.

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