Twitter to Vote on 'Company Sale to Musk' Proposal at September General Meeting

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Twitter will hold a shareholders' meeting in September and put to a vote the proposal to sell the company to Elon Musk, CEO of Tesla.

On the 26th (local time), Twitter announced in a filing submitted to the U.S. Securities and Exchange Commission (SEC) that it will hold a shareholders' meeting on September 13 to vote on the proposal to sell the company for $44 billion (approximately 57.6 trillion KRW).

In a report submitted to the SEC last month, Twitter's board of directors stated that selling the company to CEO Musk is "desirable and in the best interest of Twitter and its shareholders," recommending shareholders approve the sale proposal.

However, after CEO Musk declared the termination of the acquisition agreement, Twitter filed a lawsuit seeking to enforce the contract. The court accepted Twitter's argument for a speedy trial and plans to hold hearings in October.

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