Twitter to Hold Shareholder Vote by August on Elon Musk Takeover

Twitter reportedly plans to hold a shareholder vote on Elon Musk’s potential buyout of the company in late July or early August.

CNBC reports that Twitter plans to hold a shareholder vote on Elon Musk’s $44 billion acquisition of the company in early August. Top company executives said that they are continuing to work “constructively” to complete the deal. On Monday, Musk’s lawyers warned that the billionaire might walk away from the acquisition if Twitter fails to provide adequate data on spam and fake accounts.

In response, Twitter said that it will grant Musk access to Twitter’s “firehose” of internal data as early as this week. Musk’s recent SEC filing stated: “Musk believes the company is actively resisting and thwarting his information rights (and the company’s corresponding obligations) under the merger agreement. This is a clear material breach of Twitter’s obligations under the merger agreement, and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement.”

Twitter denied the allegations, saying in response to the SEC filing that it will “continue to cooperatively share information” with Musk. The company added: “We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement at the agreed price and terms.”

On May 13 Musk stated that his purchase of Twitter was “temporarily on hold” due to the company’s low estimate that five percent of its platform consisted of bots. Musk claimed that the platforms’ user base consists of at least 20 percent bots or spam accounts.

Read more at CNBC here.