Most Twitter shareholders vote in favor of sale to Musk

The majority of Twitter Inc (NYSE:TWTR) shareholders voted in favor of the $44 billion sale of the social media company to Elon Musk, sources said.

The deadline for shareholder voting on the deal was Tuesday, but by Monday evening enough investors had voted to finalize the outcome, sources said. The sources requested anonymity ahead of the official announcement. Representatives for Twitter and Musk did not immediately respond to requests for comment. Musk has notified Twitter that he will not proceed with the acquisition, arguing that he was misled about spam accounts on the platform and that he was not informed of a compensation deal he reached with one of the company's top executives. The two sides are scheduled to face off in court next month. Shareholders were expected to vote in favor after a stock market plunge that made the $54.20 per share deal Musk signed for Twitter in April look expensive in the current environment. Twitter shares are currently hovering around $ 41. Earlier Monday, Twitter said payments to a whistleblower did not violate any terms of the sale to Musk, after the world's richest man made another attempt to cancel the deal. Twitter's lawyers said Musk's reasons for wanting to pull out of the deal were "invalid and without merit". Last week, Musk's lawyers said Twitter's failure to get his consent before paying whistleblower Peiter Zatko and his lawyers $7.75 million violated the merger agreement, which restricts when Twitter can make such payments. Zatko, who was fired by Twitter in January as the company's security chief, last month accused the social media firm of claiming to have a robust security plan and making misleading statements about its defenses against hackers and spam accounts. The whistleblower will meet with the US Senate Judiciary committee on Tuesday to discuss the allegations. "With the Musk camp being allowed to include the Zatko allegations in its testimony for Delaware, tomorrow's hearing will be closely watched by the Street," Wedbush analysts wrote in a note. The Twitter vs Musk trial is scheduled to begin on October 17 in Delaware Chancery Court. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!