Elon Musk

Twitter Shareholders Vote to Approve Elon Musk's Bid to Buy the Company

Samuel Corum | AFP | Getty Images
  • Twitter shareholders voted Tuesday to approve Elon Musk's $44 billion bid to buy the company and take it private.
  • The vote comes as Musk is seeking to back out of the deal, leading to Twitter suing him for allegedly breaking the agreement.

Twitter shareholders voted Tuesday to approve Elon Musk's $44 billion bid to buy the company and take it private.

The vote comes as Musk seeks to scrap the deal, casting doubt on Twitter's self-reported percentage of fake accounts and alleging the company was not as forthcoming as it should have been with its explanation of the calculation. Twitter has stood by its figure of less than 5% of monetizable daily active users being spam or fake and has said it's provided Musk plenty of information meeting the requirements of the deal.

Twitter sued Musk for allegedly breaching the agreement and the case is currently making its way through the Delaware Court of Chancery, with a trial expected to begin in mid-October.

The judge in the case recently allowed Musk's camp to revise his counterclaim against Twitter to include allegations made by a former Twitter security chief who recently filed a whistleblower complaint claiming egregious securities failings by the company. The whistleblower, Peiter "Mudge" Zatko, testified before a Senate panel earlier on Tuesday.

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