The parties will go to trial in October after Twitter sued the tycoon over his decision not to complete the $44 billion buyout.
Twitter shareholders have voted to approve Elon Musk’s $44 billion bid to take over the company, one more step toward finalizing the dispute that will go to court in October, local media reported.
The vote comes as the Tesla CEO and SpaceX founder seeks to break the deal on the grounds that the percentage of fake accounts or bots on the social network is higher than he was told.
The parties will go to trial in October in a specialized court in the state of Delaware, after Twitter sued the businessman for his decision not to complete the operation of 44,000 million dollars, which the richest man in the world originally announced last July.
Musk, who currently remains the company’s largest shareholder with a stake of about 10% and has not yet cast his vote, agreed in April to pay $54.20 per Twitter share.
The company’s shares have been trading well below that price since Musk tweeted in May that the deal was “on hold.” Meanwhile, many shareholders stood to gain a lot if the deal goes through on its original terms.
The value of the shares at the close of Wall Street yesterday was 41.41 dollars, and today they rise 2.25%, in reaction to what happened in the United States Senate.
There, the former Twitter security chief Peiter “Mudge” Zatko denounced today that the company is unable to protect the data of users of the social network and that it has no interest in doing so.
Zatko’s revelations have been used by Musk to justify his decision to cancel the purchase of the social network, and last week Musk received permission to incorporate the allegations into his countersuit.
For its part, Twitter rejected the accusations of its former security chief, assuring that they are part of a “false narrative” against the company and that they are riddled with “inconsistencies and inaccuracies.”