Twitter shareholders vote to approve Elon Musk’s $44 billion acquisition

An October trial will determine if Musk is able to terminate the deal.

Dado Ruvic / reuters

A majority of Twitter’s shareholders have voted to approve Elon Musk’s $44 billion takeover. During a special meeting of shareholders that lasted about seven minutes, stockholders approved of two proposals: one to adopt the merger agreement with Musk, and one related to how the company’s executives will be compensated as a result of the deal.

Both measures were approved, though Twitter will disclose the final breakdown of votes “at a later date” when it files paperwork with the Securities and Exchange Commission.

Though shareholders formally approved the deal, which valued each share at $54.20, an October trial in Delaware’s Court of Chancery will determine whether Musk is able to terminate the agreement. Musk initially cited concerns about bots and spam as reasons for ending the merger agreement, though Twitter’s lawyers argued he was actually concerned about “World War 3.” The judge in the case ruled that Musk will be able to add claims raised by the company’s former security chief turned whistleblower, Peiter Zatko, to his legal bid.

Separately, Zatko testified at a Judiciary Committee hearing Tuesday, during which he shed new light on his allegations that Twitter’s security practices are a risk to the United States' national security.