On September 13, Twitter’s shareholders accepted the $44 billion takeover transaction struck between the firm and billionaire mogul Elon Musk. The majority of Twitter shareholders approved Musk’s acquisition bid of $54.20 per share, which he made in April, before “terminating” the deal in July, alleging an “inaccurate depiction” of spam accounts on the platform.
The shareholders’ approval comes ahead of a trial next month to determine if the $44 billion acquisition should be completed. The trial is slated to begin on October 17.
The San Francisco-based corporation sued Musk for breach of contract, while Musk countersued, accusing Twitter of exaggerating the number of bogus and spam accounts on its service. A Delaware judge ruled last week that Musk may incorporate claims made by a Twitter whistleblower, Peiter Zatko, in his case but dismissed his plea to postpone the trial.
Former Twitter security chief Zatko has accused the business of dishonesty in its handling of automated “spam bots,” or false accounts. This allegation is central to Musk’s attempt to back out of his agreement to buy the company. Zatko also alleged that Twitter had insufficient cyber defenses, making it subject to abuse by “teenagers, criminals, and spies” and endangering its users’ privacy.
On September 13, Zatko testified before the US Senate Judiciary Committee, stating, I am here today because Twitter leadership is misrepresenting the public, lawmakers, regulators, and even its own board of directors.
“They don’t know what data they have, where it lives and where it came from, and so, unsurprisingly, they can’t protect it,” Zatko added. Zatko, 51, rose to notoriety as a pioneer in the ethical hacking movement in the 1990s and later held prominent roles at an elite Defense Department research unit and Google. At the behest of then-CEO Jack Dorsey, he joined Twitter in late 2020. He was let go by the corporation in January of this year.
Legal experts believe Zatko’s assertions could tip the lawsuit battle in Musk’s favor.
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