On Tuesday, Sept. 13, Twitter's shareholders voted to approve Elon Musk's $44 billion offer to purchase the social media company.
During a company call, the company confirmed that enough votes were made to approve the deal.
Shareholders Approve Musk's Bid
According to CNBC, the shareholders' vote comes as Musk backed out of the deal because of Twitter's bots and fake accounts.
The social media company had stood by its figure of less than 5% of monetizable daily active users being bots or fake. It said it had provided Musk with all the information he needed when he signed the deal.
The shareholders' vote will allow Twitter to continue with a lawsuit intended to prevent Musk from backing out of the $44 billion agreement to acquire the company.
According to The Verge, the trial will begin in October in the Delaware Court of Chancery. Musk is set to argue that Twitter concealed important facts about its internal operations, including an alleged undercount of bot and spam accounts and details revealed by Twitter's whistleblower Peiter Zatko.
Meanwhile, Twitter is expected to push to close the deal despite Musk's complaints about the company.
Twitter's Case Against Musk
In July, Twitter sued Musk for breaching their agreement, and the judge in the case allowed Musk's camp to revise his counterclaim against the company to include allegations made by Zatko.
The outcome of the dispute between the billionaire and the social media company could be unpredictable.
Legal experts say the dispute could involve a judge forcing Musk to complete the deal or forcing him to pay a $1 billion breakup fee.
Other possible outcomes include a settlement, renegotiation of the purchase price, or even Musk walking away without paying anything.
In April, Musk planned to purchase Twitter for $54.20 per share. The stock was trading at only $34 per share at the time, which was over 37% lower than Musk's offer.
Twitter believes that the decline in stock trading was due to Musk's actions, although other social media companies have also seen their share prices slide during the same period.
Zatko Testifies
Zatko revealed to Congress on Tuesday, Sept. 13, that Twitter executives put profit ahead of security, making the platform vulnerable to infiltration by hackers,
According to NPR, Zatko told the Senate Judiciary Committee that Twitter's leadership is misleading the public, regulators, lawmakers, and board of directors.
Twitter's cybersecurity failures make it vulnerable to exploitation, making it a dangerous platform to its users.
In a federal whistleblower complaint in August, Zatko accused Twitter of lax security practices, neglecting user privacy, misleading regulators, and violating its 2011 settlement with the Federal Trade Commission or FTC.
Zatko also revealed that Twitter employed foreign government agents who had access to the company's internal systems and data.
The complaint has raised concerns in Washington, giving Twitter's role as a place where government leaders, businesses, and prominent figures get their message out.
Zatko's disclosures have thrown a new twist into the company's legal battle with Musk. A Delaware judge allowed Musk to use Zatko's claims to justify his decision to walk away from the acquisition of the platform without penalty.
Related Article: Twitter Whistleblower to Testify In Front of Congress About the Company's Security Issues
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Written by Sophie Webster
