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.
The special shareholder meeting convened for the tally lasted seven minutes, with polls open for about three minutes. Investors could also submit votes for several weeks ahead of the meeting, and Twitter sent numerous messages encouraging them to vote ahead of time.
