fbpx
Monday, June 27, 2022
No menu items!

Twitter plans shareholder vote by August on sale to Musk

Twitter Inc plans to hold a shareholder vote by early August on its $44 billion sale to Elon Musk, as it continues to work “constructively” to complete the deal with the world’s richest person, the social media company’s top executives told employees on Wednesday (June 8).

Musk’s lawyers warned Twitter on Monday (June 6) that he might walk away from the acquisition if the company fails to provide the data he seeks on spam and fake accounts.

Twitter has said it is continuing to share information with Musk. Part of that data is the “firehose,” a set comprising all tweets on the platform analyzed by different parameters, such as devices of users or profiles of accounts that publish tweets, according to people familiar with the matter.

Twitter sells this data to social media monitoring companies as part of its licensing business but plans to furnish it to Musk for free as part of the information exchange, the sources said. The firehose does not contain confidential information, such personal details of Twitter users that are not public or how often they verify their accounts, the sources added.

It was not clear how much confidential information about its user base Twitter will share with Musk. The Washington Post first reported on the sharing of the firehose.

A Musk spokesperson did not immediately respond to a request for comment.

Twitter’s Chief Financial Officer Ned Segal told an employee meeting that the company anticipates to hold a shareholder vote on the Musk deal in late July or early August.

(Production: Christine Kiernan)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Robbery suspect holds 2 people hostage at motel in Jersey Village

HOUSTON - A robbery suspect has barricaded himself while holding two people hostage inside a motel in...

Wall Street mixed at open after selloff

Wall Street's main indexes opened mixed on Friday (June 17), after a brutal selloff triggered by the Federal Reserve and other major...

Texas abortion law leads to ‘50% decrease in the number of patients who are able to have abortions’

Nine months have passed since the state of Texas passed one of the most restrictive abortion laws in the nation last year.

Tesla to charge more for cars in US, as Musk files appeal over Twitter posts

 Tesla Inc again raised prices for all its car models in the United States in response to persistent global supply-chain problems and...

White House looking into Americans reported captured in Ukraine

The White House said on Thursday (June 16) that it's "working very hard to learn more" about two U.S. citizens who are...

More Articles Like This