Twitter shareholders approved Musk’s earlier intention to buy the company

At the end of April this year Elon Musk announced plans to buy Twitter for roughly $44 billion. Later, however, he wanted to back out of the plan due to false information about the status of fake accounts on the social network. This resulted in a lawsuit and the threat of having to pay a $1 billion fine for not going through with the announced purchase. But the case has another continuation. During Tuesday’s vote, the company’s shareholders (according to a preliminary count) approved the takeover and everything can continue.

This means at the same time that it will not be Twitter who would back out of the purchase, but Elon Musk, so the lawsuit against Elon Musk can continue to run along with it. The trial is scheduled to begin in October in the Delaware Court of Chancery. Here, Musk will have to prove that important information about the status of the social network was withheld from him, which means that he would be buying something that, according to the characteristics presented by Twitter, he did not even want to buy, and that his withdrawal from the plan is thus justified without the above-mentioned fine. We can only wait to see how it all turns out. What do you think?

Source: Svět hardware by

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