Twitter To Hold Shareholder Vote On Elon Musk’s $44 Billion Offer In September

The transfer comes as Elon Musk plans to stroll away from an agreed $44 billion takeover bid.

San Francisco:

Twitter Inc mentioned on Tuesday it could maintain a shareholder assembly on Sept. 13 to vote on the social media firm’s proposed $44 billion takeover supply by Tesla chief Elon Musk.

The firm’s plan, which was disclosed in a submitting, comes because the world’s richest particular person prepares for a authorized showdown with Twitter in October for strolling away from his supply to purchase the social media firm.

At the assembly, shareholders shall be requested to vote on a proposal to approve the compensation that could be payable by Twitter to sure govt officers in reference to the buyout, Twitter mentioned in a submitting.

Separately, the corporate disclosed that it had considerably slowed hiring within the second quarter and was being extra selective with filling roles, in a transfer to chop prices.

In May, Twitter’s chief govt Parag Agrawal had informed staff the social media agency would pause most hiring and overview all current job gives.

If the buyout deal is accomplished, Twitter shareholders shall be entitled to obtain $54.20 in money for every frequent share they personal, the corporate mentioned, including that its board was strongly in favor of the takeover.

(Except for the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)

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