Arab Press

بالشعب و للشعب
Sunday, May 11, 2025

Twitter shareholders try to force Elon Musk's hand, vote in favor of $44B takeover

Twitter shareholders try to force Elon Musk's hand, vote in favor of $44B takeover

Move comes as whistle-blower testifies before Senate, reinforces Musk's argument to nix deal
Twitter lobbed another strategical grenade Tuesday at Elon Musk in the war regarding the billionaire's maneuver to back out of the $44 billion takeover deal of the social media platform.

Shareholders voted in favor of Musk's original agreement in April to buy Twitter for $44 billion at $54.20 per share. The company's stock hovers at nearly 25% below the initial price of about $41 per share.

The vote to hold the Tesla CEO to the agreement came days after Musk's legal team sent a third letter to Twitter to nix the deal based on Twitter's reported severance payment of $7.75 million to former security chief Peiter Zatko, who then became a whistle-blower to the federal government about the platform’s alleged security and privacy susceptibilities.

Musk's lawyers claimed that Zatko's compensation violated a provision of the acquisition contract when Twitter agreed not to provide severance payments to employees outside "the ordinary course of business consistent with past practice."

Twitter fired back calling Musk's attempt to back out of the deal "invalid and wrongful."

The vote came as Zatko testified Tuesday before a US Senate committee where he explained that the company’s alleged cybersecurity failures make it vulnerable to a serious breach.

"When an influential media platform can be compromised by teenagers, thieves, and spies and the company repeatedly creates security problems on their own, this is a big deal for all of us," Zatko told lawmakers.

Musk sent his first letter to terminate the deal in July alleging Twitter violated the agreement by misrepresenting the number of spam and fake accounts on its platform. Twitter followed suit by suing Musk to complete the acquisition, accusing the billionaire of using bots as a ploy to walk away from the takeover.

Twitter and Musk will battle in court Oct. 17 when they are scheduled to go to trial.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
India-Pakistan conflict may be first test for Chinese military tech
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
IMF Predicts No Global Recession Amid Trade Tensions
Removing the Political Rival Means Diminishing What's Remaining of Turkey's Economy
White House Investigates Security Breach After Journalist Accidentally Added to Secret Yemen Strike Chat
UAE Pledges $1.4 Trillion Investment Strategy in the United States
Revealing the Electromagnetic Characteristics of the Great Pyramid of Giza
Netanyahu Dismisses Shin Bet Chief Amid 'Loss of Trust' and 'Qatargate' Corruption Investigations Involving Netanyahu's Advisors
U.S. Approves $100 Million Precision Rocket Sale to Saudi Arabia Amid Ongoing Yemen Conflict
High-ranking ISIS Official Neutralized in Collaborative Operation in Iraq
Netanyahu Rejects UN Reports on Gaza as 'Untrue'
Six Americans Freed from Detention in Kuwait
Syria Wraps Up Military Campaign Amid Extensive Violence and Large-Scale Killings.
Trump Speaks Out on the Arrest of Pro-Palestinian Student at Columbia University
Demonstrations Break Out as Individual Ascends Big Ben with Palestinian Flag
Over 300,000 Refugees Expected to Return to Syria Amid Ongoing Crisis
Trump Urges Nuclear Talks with Iran as Tensions Escalate
US Launches AI Initiative to Track Foreign Nationals' Social Media for Terrorist Support.
US Initiates Direct Discussions with Hamas During Hostage Situation
US Government Dismisses Arab Leaders' Plan for Gaza Reconstruction
US Engages in Unprecedented Covert Talks with Hamas Regarding Hostages
Arab Leaders Approve $53 Billion Initiative for Gaza Reconstruction
Iran's Enriched Uranium Stockpile Reaches Levels for Six Nuclear Devices
Israel Indicates Willingness to Resume Military Operations in Gaza
Hamas Lets Go of Last Israeli Hostage as Part of Ceasefire Deal
Trump Adjusts Gaza Resettlement Plan Following Rejections from Regional Leaders
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advance.
Israeli Minister Urges Hamas to Surrender and Depart from Gaza.
Iran Considers Moving Its Capital Due to Urban Difficulties
Israel and Hamas Finalize Sixth Exchange of Hostages and Prisoners During Continuing Gaza Ceasefire
Leaders of BRICS to Gather in Rio de Janeiro for July Summit
Muhsin Hendricks, a trailblazing openly gay imam, was killed in South Africa.
Trump's special envoy for hostage affairs cautions Hamas against challenging Trump before Saturday's deadline.
Two British citizens apprehended in Iran amid escalating tensions.
Israel Issues Threat of Military Action as Hostage Negotiations with Hamas Continue
Hamas Coordinates Worldwide Solidarity Marches in Reaction to U.S. and Israeli Initiative
Israel Warns of Ending Gaza Ceasefire Due to Hostage Situation
×