Twitter Inc. will face dubious shareholders during its annual meeting on Wednesday, as it is doubtful whether the social media company will complete the acquisition deal agreed upon by billionaire Elon Musk.
Tesla’s chief executive tweeted on May 13 that the $ 44 billion acquisition was “temporarily on hold” when he asked Twitter for more information about the ratio of fake accounts.
The company said last week that it was committed to the deal at an agreed price. However, investors felt uncomfortable as Twitter shares closed at $ 35.76 on Tuesday, representing a 34% discount to মূল্য 54.20 per share.
Although the virtual annual meeting will include a question-and-answer session on Wednesday, a Twitter spokesman said the company would not answer contract-related questions.
Twitter investors are ready to vote on five stockholder proposals, all of which oppose management, including asking the company to produce another report on its impact on civil rights and its lobbying activities.
Donna Hitcherich, a professor of finance at Columbia Business School, said the meeting itself would not be “particularly relevant” to the agreement reached by Musk.
Even if shareholders approve of any proposal, it would be non-binding, he said.
(Except for the title, this story was not edited by NDTV staff and was published from a syndicated feed.)