Elon Musk to buy Twitter; Shareholders approve $44 billion deal

Twitter Inc. shareholders approved a $44 billion buyout by Elon Musk on Tuesday. The matter of the Twitter purchase deal is currently going on in court. According to reports, billionaire Elon Musk wants to back down from buying Twitter.

Meanwhile, Twitter said on Tuesday that preliminary calculations showed shareholders supported Elon Musk’s bid to buy the social media platform for $44 billion.

The decision was taken during the online meeting of shareholders on Tuesday. The meeting lasted hardly a few minutes. Most of the votes were cast online. Twitter has sued Musk to complete the deal, and its trial will begin in October.

Earlier on Tuesday, the former security chief of Twitter told the US Congress that the social media platform is grappling with weak cyber security, privacy threats, and an inability to control millions of fake accounts. Renowned cyber security expert Peter M Jetko appeared before the Senate Judiciary Committee to argue his allegations.

He said Twitter is misleading the public, lawmakers, and regulators and the platform is more than a decade behind the industry’s best benchmarks. Jetko’s claims could also stifle efforts to back Tesla owner Elon Musk’s $44 billion deal to buy Twitter