A new chapter in billionaire Elon Musk’s purchase of Twitter came today as the social network’s shareholders voted in favor of Elon Musk’s $44 billion acquisition deal. a value of 54.20 dollars per share.
The vote took place days following Musk’s third letter to Twitter seeking to terminate the previous agreement, but while the owner Tesla plans to get out of the deal, the company’s shareholders plan to force him to do so.
This Tuesday, the shareholders voted in favor of the Musk acquisition agreement and although the tycoon wanted in the letter sent to the company to back out of the alleged agreement an alleged compensation of 7.75 million dollars for the dismissal that the company made him to his former security chief, Peiter Zatko, and that according to Musk misled investors and regulators on key issues.
The company said it would not provide severance payments to employees in amounts outside the “ordinary course of business” and further said that the reason for Zatko’s dismissal was invalid to proceed with the purchase.
The former Twitter security chief also spoke today regarding the social network’s security flaws before the United States Congress, noting that the platform is vulnerable to exploitation by “teenagers, thieves and spies.”
He added that the social network they don’t know what data they have, where it is, and where it came from, so unsurprisingly, they can’t protect it. Zatko said that “Twitter’s leadership ignored its engineers” because executive incentives led them to prioritize profit over security.”
The first letter Musk sent to Twitter seeking to terminate the agreement was in July, telling the firm that it violated the agreement by misrepresenting the amount of spam and fake bot accounts on its platform.
Twitter then sued Musk to complete the acquisition, accusing the billionaire of use bot accounts and the amount of spam in the social network as an excuse to get out of a deal and that this also happened following a fall in the shares in the market.
Shares of the company opened Tuesday at $41 a share, almost 25% below the price of the purchase transaction made with Musk.
The trial between the tycoon and Twitter is scheduled for October 17.
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