Deals
Twitter Shareholders Approve Musk’s $44 Billion Buyout as Trial Looms
- Approval paves the way for trial over disputed deal in October
- Musk, seeking to back out, didn’t vote his shares either way
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Twitter Inc. shareholders approved billionaire Elon Musk’s proposed $44 billion buyout, paving the way for a trial next month to determine the deal’s fate.
A majority of Twitter shareholders voted in favor of accepting Musk’s $54.20-a-share offer to acquire the social-networking company, according to a preliminary vote count read on Tuesday. Musk made the bid in April and has since sought to rescind it. Twitter’s board -- along with two prominent advisory firms -- had encouraged investors to ratify the deal. The company’s shares were little changed after the vote and closed at $41.74, well below Musk’s proposed price.