Twitter sets vote on Elon Musk's offer for September

Twitter headquarters in San Francisco.AMY OSBORNE (AFP)

Twitter marches on.

The technology company announced this Tuesday that on September 13 it will submit the purchase offer made by Elon Musk to a vote of the shareholders.

The San Francisco company has recommended approving the deal, according to a filing with stock exchange regulators made public Tuesday.

This despite the fact that the operation depends on the approval of the judge who will settle in court the differences between Twitter and Elon Musk, who announced on July 8 that he was withdrawing from the table the offer to take over the social network for 44,000 million Dollars.

The purchase of Twitter seems to be in the air.

Musk was taken to court after backing out of the offer made in March.

The technology leadership went on the attack and filed a lawsuit on July 12 with the Court of Equity of the State of Delaware, where the companies are located.

Katheleen McCormick, the judge in charge of resolving the controversy, assured that the trial will take place in five days in October.

This despite the efforts of Musk's lawyers, who tried to postpone the process until February 2023 on the grounds that time is needed for experts to carry out an analysis of the number of fake accounts and spam on the social network.

This has been one of the differences between the parties, as Musk considers the figures given to him by Twitter to be inaccurate.

The shareholder vote is a blow that sends a signal to the market: the operation continues as planned.

"We are committed to closing the merger with the agreed price and terms ... The vote at this special meeting will be critical to our chances of reaching the agreement," the social network indicates in the documents delivered to the Securities and Exchange Commission ( the SEC).

Twitter's lawyers say Musk is carrying out a sabotage attempt to "harm the company and expose it.

Judge McCormick agrees that neither party will benefit the more time goes by with this matter, "increasing irreparable damage" for the seller.

The experts, and the Stock Exchange, agree that the Tesla businessman has little chance of succeeding in the trial in the Court of Equity.

The businessman's lawyers have proposed that the process be carried out between October 17 and 21.

The technology company has requested it for October 10.

Twitter presented the results of the second quarter on July 22.

The company reported then that it lost 270 million dollars due to the uncertainty generated by the future of the operation, one of the most followed in Silicon Valley for its implications on freedom of expression and the influence of the platform worldwide.

The same period last year, the company recorded a profit of 65 million.

The price of Twitter titles have lost 8% so far in 2022.