Beautiful Virgin Islands

Tuesday, Jun 24, 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

Beautiful Virgin Islands
0:00
0:00
Close
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×