(SNN)– Twitter and its shareholders has decided to close the deal with Elon Musk, and sell the company to him for $44bn.
The decision to sell the company to Elon Musk was made in a short conference call with investors from the company’s San Francisco headquarters.
This means that Twitter will now follow legal process to compel Elon Musk to buy the company in the courts.
Mr Musk had offered to buy the company in April, and the company shareholders had agreed to sell. However, while negotiations were still ongoing, Elon Musk had pulled out of the deal in May, citing deception and inaccurate reports as his reasons for pulling out of the deal.
According to a report by BBC, the meeting was necessitated by the “explosive testimony from Twitter’s former head of security Peiter Zatko in front of the US Senate.”
He disclosed that bot views on the platform was far more than the 5% claimed by Twitter. Elon considers the report advanced by the company as misleading, and pulled out of the deal.
Here is, a report by BBC, “The firm’s former head of security on to say that Twitter was ‘a decade behind’ security standards. Twitter says Mr Zatko was fired from his job, and that the claims are inaccurate.
“Mr Zatko has previously supported Elon Musk’s claim that the platform has more spam and fake accounts than it has admitted – though he didn’t elaborate on this on Tuesday.
“Last week, a judge said that Mr Musk’s lawyers would be allowed to use the Twitter whistle-blower’s testimony in court.
“It largely focussed on national security issues – and is not officially connected with Mr Musk’s attempt to pull out of the deal to buy Twitter.”