New step. On September 13, Twitter shareholders will have to participate in a vote on the acquisition of the social network by Elon Musk, reports The Parisian. They were thus summoned to a “special meeting” by videoconference, as specified in official documents filed Tuesday, July 26 with the American stock market policeman, the Securities and Exchange Commission (SEC). This vote will take place a few days before the opening, in October, of the lawsuit that Twitter has brought against the founder of SpaceX.
Twitter has indeed launched legal proceedings against the richest man in the world after the latter unilaterally terminated the agreement to take over the social network on July 8. At the end of April, the board of directors of the American group and Elon Musk had signed an agreement to buy Twitter for 44 billion dollars (43 billion euros). But a few months later, the South African billionaire did an about-face, accusing the social network of not having honored its contractual obligations by providing in particular erroneous or incomplete data on the number of fake accounts and spam on its platform. With the trial, which should last five days according to the judge in charge of the case, Twitter now wants to force him to respect his first commitment.
Plus-value. As reminded The Parisian, the board of directors of Twitter had already invited its shareholders, in the past, to vote in favor of the acquisition of the social network. Currently, its title is established at 39 dollars. Thus, if the transaction between Elon Musk and the San Francisco company materializes, the added value for shareholders would be significant.
If the boss of Tesla originally wanted the trial not to take place before next year, justifying this desire by the need to take the time to analyze “mountains of data” about the fake accounts on Twitter, the judge, president of a court specializing in business law, set the opening of the trial in October. For Twitter lawyers, who accuse him of “bad faith” and “hypocrisy”, Elon Musk would have given up the takeover of the company because of the drop in stock market valuations of technology companies. According to one of these lawyers, William Savitt, the entrepreneur would delay the trial “so as never to have to render accounts”.
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