Twitter ( NYSE: TWTR ) shareholders have approved the company's $44B deal to sell itself to billionaire Elon Musk - a seemingly foregone conclusion, but now just another milestone as the deal speeds toward a mid-October trial date to decide whether it can be completed.
While voting was still live, the company announced it had sufficient votes to approve the deal at its special shareholder meeting Tuesday.
It's turning out to be an unlikely banner day of sorts for Twitter stock ( TWTR ): With Communication Services peers like Google ( GOOG ) ( GOOGL ), Meta ( META ), Snap ( SNAP ) and Pinterest ( PINS ) down heavily ( down 4%, 8%, 7% and 5% respectively) on a day ruled by a rough inflation report, Twitter ( TWTR ) shares are up 0.7% .
They started moving higher as a high-profile Senate hearing with Twitter whistleblower Peiter "Mudge" Zatko focused (largely as planned) on social media security, and ended up featuring no mention of the spam/bot issue that Musk has made the focus of his attempt to cancel the $44B deal.
Musk advanced a third reason to terminate his deal with Twitter, citing a $7.75M settlement payment to Zatko . On Monday, Twitter ( TWTR ) said that newest Musk letter is invalid .
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Twitter holders give OK for $44B sale to Musk