Twitter shareholders vote in favor of acquisition by Elon Musk: Report

Elon Musk

A majority of Twitter Inc's shareholders have voted in favor of the social media company's $44 billion sale to Elon Musk, Reuters reported, citing sources familiar with the matter.

The deadline for the shareholder vote on the deal is today, Sept. 13, but enough investors had voted by Sept. 12 evening for the outcome to be certain, the sources said.

Shareholders’ decision came despite Musk's notification to the Twitter board of directors that he had decided to withdraw from the deal to acquire the company that owns the social networking site, due to differences over the number of fake accounts.

Twitter has filed a lawsuit against Musk to force him to continue with the acquisition deal, while the latter claims that the company does not deserve to receive a fine for withdrawing from the deal, amounting to $1 billion.

Musk's quoted price of $54.20 per share is significantly higher than the market price of $41.41 at the end of Sept. 12 session.