Twitter has scheduled a shareholder vote after Musk announced he wanted to pull out of the deal.
CNBC reported that the shareholder meeting would take place via webcast at 10:00 AM PT.
The social media company announced it would sue the Tesla CEO to enforce the deal. NewsBusters reported earlier in the month that the issue boiled down to the number of spam accounts on the platform:
“Musk asked Twitter CEO Parag Agrawal to show evidence of Twitter’s claim that less than 5 percent of its accounts are fake or spam accounts before following through with purchasing the platform, according to a May 17 tweet. Musk said he believed that 20 percent of platform accounts were fake or spam.
Information on Twitter’s fake or spam accounts is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business,’ the letter from Musk’s legal team says. “Twitter has failed or refused to provide this information.’”
NewsBusters also reported that Musk would countersue Twitter after it announced it would sue him to enforce the deal.
“Twitter wants Musk to buy the platform under the original terms struck while Musk insists that the deal cannot go through because Twitter has not provided necessary information.”
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