Twitter holders give OK for $44B sale to Musk
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Twitter (NYSE:TWTR) shareholders have approved the company's $44B deal to sell itself to billionaire Elon Musk - a seemingly foregone conclusion, but now just another milestone as the deal speeds toward a mid-October trial date to decide whether it can be completed.
While voting was still live, the company announced it had sufficient votes to approve the deal at its special shareholder meeting Tuesday.
It turned out to be an unlikely banner day of sorts for Twitter stock (TWTR): With communication services peers like Google (GOOG) (GOOGL), Meta (META), Snap (SNAP) and Pinterest (PINS) each down between 4% and 8% on a day ruled by a rough inflation report, Twitter (TWTR) shares were up 0.8% after the vote was reported. Still, at $41.74 a share, Twitter's (TWTR) stock was trading at a 23% discount to Musk's deal price of $54.20 per share.
Twitter (TWTR) shares edged up as a high-profile Senate hearing with company whistleblower Peiter "Mudge" Zatko focused largely focused on social media security, and ended up featuring no mention of the spam/bot issue that Musk has made the focus of his attempt to cancel the $44B deal.
Musk advanced a third reason to terminate his deal with Twitter, citing a $7.75M settlement payment to Zatko. On Monday, Twitter (TWTR) said that newest Musk letter is invalid.