Elon Musk Going to Court! Twitter Filed a Lawsuit in the US Seeking an Order Requiring Musk to Carry Out the Transaction

Elon Musk looking at Twitter photoshopped image

Elon Musk Going to Court! According to a report, a proxy advisory firm encouraged Twitter investors to support Tesla CEO Elon Musk’s offer to buy the microblogging service next month. Musk attempted to back out of his April agreement to buy Twitter for $44 billion (approximately Rs. 3,51,300) in July, saying that he had been given false information about the number of fake accounts on the platform. Musk and Twitter are set to face off in a US court in October.

According to a Reuters story, the proxy consulting firm Institutional Shareholder Services (ISS) has encouraged Twitter shareholders to support Musk’s bid to acquire the company. Two weeks prior to the takeover deal’s shareholder vote, the firm’s recommendation was made.

A vote in favor of the plan, according to the ISS, was justified because it would give the microblogging service liquidity and benefit shareholders because it was an all-cash transaction. The article also stated that ISS found virtually few shareholder objections to the takeover agreement. Shareholders are anticipated to vote on the agreement on September 13.

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In April, Musk agreed to buy Twitter for $54.20 per share (roughly Rs. 4,300), but he later informed the company that he did not plan to complete the transaction. As a result, Twitter filed a lawsuit in the US seeking an order requiring Musk to carry out the transaction in accordance with the terms of the agreement.

Peiter Zatko, a whistleblower who recently made alarming claims on Twitter, was recently subpoenaed by Musk. The Tesla CEO is anticipated to question former Twitter security chief Zatko on the specifics of how the microblogging platform evaluates spam accounts.

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