Twitter shareholders to vote Sept. 13 on Musk takeover

Twitter shareholders to vote September 13 on Musk takeover

UPGRADE DAY

Twitter's shareholder vote on its acquisition by Elon Musk will take place on September 13, before the social network's lawsuit against the richest man in the world opens in October. world. 

Twitter summoned its shareholders to a “special meeting” via videoconference, according to official documents filed with the SEC, the US stock market watchdog, on Tuesday.

The voting landscape has changed dramatically since late April, when the group's board and Elon Musk signed an agreement to buy Twitter at $54.20 a share, a $44 billion valuation. dollars.

On July 8, the boss of Tesla and SpaceX unilaterally terminated this agreement, on the grounds that the company based in San Francisco had, according to him, lied about the proportion of automated accounts and spam on its platform.

Twitter then launched a lawsuit against the multi-billionaire, to force him to honor his commitment.

Last week, the judge in charge of the case, president of a court specializing in business law, indicated that the trial would be held in October and would last five days. The two sides have yet to agree on a date.

Twitter's board has in the past called on its shareholders to vote in favor of the acquisition when the time comes.

Its stock is currently worth around $39. If the transaction finally takes place, it would represent a significant capital gain for the shareholders.

The judge's decision was seen as a first victory for the firm with the blue bird, which had requested an accelerated procedure, as early as September, so as not to prolong this period of uncertainty which partly paralyzes the company.

Elon Musk, he wanted that the hostilities were not open until next year, ensuring that experts had to analyze “mountains of data” on the fake accounts.

< p>Twitter's lawyers believe that the whimsical entrepreneur has changed his mind in the face of the recent drop in stock market valuations of technology companies.

In the complaint, they accuse him of “hypocrisy” and “bad faith.”

“We suspect that Mr. Musk wants to delay this trial long enough to never be held to account. […] He knows that in such circumstances, justice delayed is often justice not done. This is even what he hopes for,” said one of them, William Savitt, during the preliminary hearing on July 19.