Twitter shareholders decided to support Elon Musk’s offer to buy the firm for $44 billion (£38 billion). The decision was announced during a brief conference call with investors from the company’s headquarters in San Francisco.
What this means
It means that Twitter will now go to court to force Elon Musk to buy the firm.
The meeting came after dramatic testimony before the US Senate from Twitter’s former chief of security, Peiter Zatko.
Why this matter
In April, Twitter decided to sell the firm to Elon Musk, the world’s richest person. However, the arrangement fell through after Mr. Musk said Twitter misled him about the quantity of spam and bot accounts on the platform.
In May, he stated that he no longer desired to purchase the company, but Twitter claims otherwise.
According to the social media site, bots account for less than 5% of its monetizable daily active users (those who can view advertisements). Mr. Musk claims it might be much higher.
What you should know
Twitter is presently valued at $32 billion, far less than Mr. Musk’s $44 billion bid.
Today’s decision may have signaled the end of Twitter’s legal pursuit, but shareholders have now given the business permission to go to court against Mr. Musk.
In October, the two will appear in front of a Delaware state court. During the hearing, a judge will rule if Mr. Musk is required to purchase the company.