September 18, 2022
Twitter Shareholders vote Musk, YT Trending - Latest Technology News

Twitter shareholders voted to approve Elon Musk’s offer to buy the company for $44 billion (£38 billion).

The decision was made during a brief conference call with investors from the company’s headquarters in San Francisco.

Read More: In India, Twitter is Testing a ‘Share to WhatsApp’ Button. 

It means that Twitter will now go to court to force Elon Musk to buy the company.

The meeting came after explosive testimony before the US Senate from Twitter’s former head of security, Peiter Zatko.

In April, Twitter agreed to sell the company to Elon Musk, the world’s richest person.

However, the deal fell through after Mr Musk claimed Twitter misled him about the number of spam and bot accounts on the platform.

He stated in May that he no longer desired to purchase the company, but Twitter claims that Mr Musk cannot back out of the deal.

Read More: Finally, The ‘Edit Button’ is Making Its Way To Twitter. 

According to the social media platform, less than 5% of its monetizable daily active users (those who can see advertisements) are bots. Mr. Musk claims it could be many times higher.

Twitter is currently worth $32 billion, far less than Mr Musk’s $44 billion offer.

Today’s vote could have signalled the end of Twitter’s legal pursuit, but shareholders have now given the company permission to pursue Mr Musk in court.

Twitter Shareholders vote Musk, YT Trending - Latest Technology News

The two are scheduled to appear in front of a Delaware state court in October. During the hearing, a judge will decide whether or not Mr Musk must purchase the company.

Twitter whistleblower Pieter Zatko was in Washington just before the shareholder decision, testifying before the Senate Judiciary Committee about alleged security flaws.

He told US lawmakers that the company was “misleading the public” about the platform’s security.

Twitter, according to the firm’s former head of security, was “a decade behind” in terms of security standards. Twitter claims that Mr Zatko was fired and that the claims are false.

Mr Zatko has previously backed Elon Musk’s claim that the platform has more spam and fake accounts than it admits, though he did not elaborate on this on Tuesday.

A judge ruled last week that Mr Musk’s lawyers could use the Twitter whistleblower’s testimony in court.

It was mostly about national security issues and had nothing to do with Mr Musk’s attempt to back out of the deal to buy Twitter.

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