Sci-Tech
Tuesday Sep 13 2022
By
Reuters

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

By
Reuters
Twitter app logo is seen in this illustration taken, August 22, 2022. — Reuters
Twitter app logo is seen in this illustration taken, August 22, 2022. — Reuters

  • Shareholders widely expected to vote in favour after stock market downturn made deal look pricey.
  • Deadline for shareholder vote on deal ends Tuesday.
  • Musk shows intention to not go ahead with Twitter's acquisition.


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.

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.