Twitter shareholders approve Musk’s $44 billion bid

(NewsNation) — Twitter shareholders on Tuesday voted to approve Elon Musk’s initial proposal to purchase the platform for $44 billion, according to CNBC, despite the billionaire’s attempts to quash the deal.

The vote allows Twitter to continue its lawsuit against the Tesla and Space X CEO to carry out the proposed buyout, which Musk has tried to terminate on claims that the company failed to provide him with adequate information about the number of fake, or “spam bot,” Twitter accounts, according to tech journalist Shibani Joshi.

Twitter argues that Musk is simply suffering from buyer’s remorse after agreeing to pay 38% above Twitter’s stock price.

“Because they have the consent now of the shareholders to pursue getting this buyout, they will indeed end up going to court in October to essentially force Elon Musk to enforce his proposal that he put out back in the spring,” Joshi said Tuesday on NewsNation’s “Rush Hour.”

The vote came on the same day Twitter’s former head of security Peiter “Mudge” Zatko testified before the Senate Judiciary Committee about the company’s alleged security deficiencies.

The accusations first came to light last month, spelled out in a whistleblower complaint obtained by The Washington Post and CNN. Zatko claimed Twitter’s security deficiencies posed a threat to users’ personal information, company shareholders, national security and to democracy.

Twitter has since pushed back strongly on Zatko’s allegations, accusing him of spreading a “false narrative” about the company,

During his opening remarks at the Judiciary Committee hearing, Sen. Chuck Grassley, R-Iowa, said the FBI has warned Twitter it may have at least one Chinese agent on its payroll — information they were able to confirm thanks to Zatko.

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“Because of (Zatko’s) disclosures, we’ve learned that personal data from Twitter users was potentially exposed to foreign intelligence agencies,” Grassley said.

“For example, his disclosures indicate that India was able to place at least two suspected foreign assets within Twitter. His disclosures also note that the FBI notified Twitter of at least one Chinese agent in the company,” he continued.

The Twitter shareholders vote on Musk’s takeover took place shortly after Zatko’s testimony.