Twitter to Hold Annual Shareholder Meeting Amid Elon Musk’s Uncertainty Over Acquisition - world cultures

Twitter to Hold Annual Shareholder Meeting Amid Elon Musk’s Uncertainty Over Acquisition


Twitter will confront skeptical shareholders on Wednesday during its annual meeting, as doubt remains over whether the social media company will complete its deal that will get billionaire Elon Musk at the agreed-upon price.

Tesla’s CEO tweeted on May 13 that the $44 billion takeover (about Rs 3,41,300 crore) was “temporarily suspended” as he sought more information about the percentage of fake accounts on Twitter.

The company said last week that it remained committed to the deal at the agreed price. However, investors appeared unconvinced, as Twitter shares closed Tuesday at $35.76 (about 2,800 rupees), which represented a 34 percent discount to $54.20 (about 4,200 rupees) per share price trade.

While the virtual annual meeting will include a question-and-answer session on Wednesday, a Twitter spokesperson said the company will not answer questions about the deal.

Twitter investors are set to vote on five proposals for stockholders, all opposed by management, that include requiring the company to prepare a report on its impact on civil rights and another on lobbying activities.

Donna Hitscherich, a finance professor at Columbia Business School, said the meeting itself would not be “particularly relevant” to the agreement that Musk would have.

It said that even if shareholders approved any of the offers, it would not be binding.

© Thomson Reuters 2022


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