A majority of Twitter shareholders appear to support the board of directors’ decision to sell the company to Elon Musk despite the legal conflicts between the two parties.
While the vote for the sale’s approval will reach its deadline on Tuesday, people involved with the vote counting claim that enough investors have voted in favor of the deal for the outcome to be certain, according to reports from Reuters and the Wall Street Journal. This means that the company will be sold to Musk, depending on the results of the October trial.
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Early votes show that investors voted in favor by a large margin, although representatives can change their vote between Monday and the scheduled Tuesday meeting.
Musk, the largest shareholder, with a 10% stake, has not voted one way or the other since Monday afternoon. While the terms of the deal require Musk to vote in favor of the sale, it will go through regardless if approved by a large enough group of investors.
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Twitter’s and Musk’s legal teams will meet from Oct. 17-21 for an expedited trial over Twitter’s lawsuit about Musk’s termination of the deal. Musk has regularly argued that Twitter breached its agreement with him through deceptive practices about the number of bots on the platform, as well as its handling of whistleblower Peiter Zatko. The two parties have filed multiple subpoenas seeking information on Twitter’s practices and Musk’s finances.
Musk attempted to delay the trial by a month, only for the judge overseeing the trial in the Delaware Court of Chancery to reject the request over allegations that a one-month delay could cause irreparable harm to Twitter as a company.
