98.6% of Twitter shareholders supported the takeover of the social network by Elon Musk for $44 billion, the company said in a statement with reference to the preliminary results of the vote.

“Twitter wishes to complete the merger with Musk’s affiliated firms no later than September 15, 2022, after all prerequisites have been met,” the statement said.

The vote came days after the billionaire sent a third letter to Twitter asking it to terminate the deal.

Among other things, it reported $7.75 million in penalties that Twitter allegedly paid to its former security chief, Peter Zatko. Musk’s attorneys noted that the payment violated a provision of the acquisition agreement.

Under the agreement, Twitter agreed not to pay employees any compensation beyond “the normal course of business in accordance with past practices.”

On Sept. 13, Zatko spoke to the U.S. Senate about the alleged presence of foreign intelligence agents on Twitter’s payroll. According to him, this is a serious security and privacy vulnerability.

As a reminder, in April 2022 Elon Musk offered to buy Twitter for $54.2 per share. The management of the social network agreed to the terms.

However, in May, the billionaire suspended the process after reports about overestimating the social network’s audience. In turn, Twitter shareholders sued over the “chaotic process” of taking over the company, accusing the head of Tesla of manipulating the market.

In July, Musk announced the termination of the agreement to acquire the social network. The company filed a lawsuit against him, demanding that he fulfill his obligations and complete the purchase.

On July 29, the businessman filed a counterclaim. At the same time, he said that he was ready to make a deal on the original terms if Twitter will disclose the method of sampling 100 accounts and how to confirm their authenticity.

In early August, Twitter’s lawyers subpoenaed Binance’s unit over its funding for the takeover of the social network by Elon Musk. Financial consultants, investors, and potential creditors of the businessman were also subpoenaed.

The case is expected to go to court on October 17.

https://altcoin.ng/twitter-approve-sales-of-the-company-to-elon-musk-for-44-billion/