Twitter Inc. will face hesitant shareholders at its annual meeting on Wednesday as uncertainty persists about whether the social media firm will finalize its agreement to be purchased by billionaire Elon Musk at the agreed-upon price.
On May 13, Tesla CEO Elon Musk tweeted that the $44 billion acquisition was “temporarily on hold” while he sought additional information concerning the number of fake Twitter accounts. Read more
Last week, the business stated that it was still committed to the acquisition at the agreed-upon price. However, investors remain dubious, as Twitter’s shares ended at $35.76 on Tuesday, marking a 34% discount from the $54.20 per share transaction price.
While the virtual annual meeting will feature a question and answer session on Wednesday, a Twitter representative stated that the firm would not address questions on the purchase.
Twitter shareholders will vote on five stockholder proposals, all of which are opposed by management, including one requesting that the firm prepare a report on its impact on civil rights and another on its lobbying operations.
According to Donna Hitscherich, a finance professor at Columbia Business School, the conference will not be “especially significant” to Musk’s acquisition deal.
Even if shareholders accept any of the recommendations, she says it will be non-binding.
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