LONDON (Bywire News) - Elon Musk’s proposed takeover of Twitter has been something of a merry go round. However, despite reports that the Tesla chief was about to walk away over Twitter’s refusal to disclose the number of bots on its platform, the deal seems to be back on as Twitter announced the takeover would be put to a shareholder vote.
The vote will be held at a shareholder meeting on September 13th and will be on a proposal that approves the potential payable compensation by Twitter to the executive offers who are close to the buyout.
Meanwhile, Twitter has disclosed that they have slowed down their hiring in the second quarter of 2022 as they seek to control costs. In May, Parag Agrawal, Twitter’s chief executive told employees that they would pause most hiring whilst reviewing all standing job offers.
If the buyout is completed, Twitter shareholders will be entitled to $54.20 for each share they own. The company added that the board was in favour of the takeover.
(Writing by Samba Jallow, editing by Klaudia Fior and Tom Cropper)