Despite Elon Musk canceling his offer to purchase the company, Twitter has scheduled a vote on the deal for September.
Earlier this month, Elon Musk sent Twitter a letter announcing that he was canceling the deal to purchase Twitter because Twitter has not provided information on how bots are calculated at the site. This is pertinent due to the advertising dollars based on real accounts and not bot accounts. The problem for Twitter is that it has been reporting that 5% or less of its accounts are bots.
Now Twitter announces that it will hold a vote on Musk’s purchase of the company after Musk already canceled the deal?
Twitter has set Sept. 13 as the date for its shareholders to vote on the company’s pending buyout by Tesla CEO Elon Musk.
The company said in a regulatory filing on Tuesday that it is recommending shareholders vote for the $44 billion deal to be completed.
The date is ahead of the yet-to-be specified start date of the October trial in the dispute between the billionaire, who is seeking to abandon the deal, and the San Francisco company. Twitter has sued Musk in Delaware after he said wanted to walk away from the deal.
“We are committed to closing the merger on the price and terms agreed upon with Mr. Musk. Your vote at the special meeting is critical to our ability to complete the merger,” Twitter said in a letter to its shareholders.
Earlier Tuesday, attorneys for Musk accused Twitter of slow-walking document production in advance of the trial to decide whether the Tesla CEO should be forced to complete the deal.
The shareholder voter was announced yesterday.
NEW: Twitter to hold shareholder vote on Elon Musk takeover deal on Sept. 13 – CNBC
— Breaking911 (@Breaking911) July 26, 2022
Twitter is doing all it can to move forward with the deal thinking this will prevent the company from being targeted by the SEC for filing false financial records. This is now bordering crazy world.