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Twitter will hold shareholder vote on Elon Musk’s $44 billion proposal in September



The move comes as Elon Musk plans to agree to a $44 billion takeover bid.

San Francisco:

Twitter Inc said Tuesday it will hold a shareholder meeting on September 13 to vote on a $44 billion takeover proposal proposed by the social media company’s Tesla chief Elon Musk.

The company’s plan, which was disclosed in a filing, comes as the world’s richest man prepares for a legal showdown with Twitter in October to walk away from his offer to buy the social media company.

Twitter said in a filing that the meeting will ask shareholders to vote on a proposal to approve compensation that may be payable by Twitter in connection with the buyout to certain executives.

Separately, the company revealed that it had significantly slowed hiring in the second quarter and was becoming more selective with filling roles, to cut costs.

In May, Twitter chief executive Parag Agarwal told employees that the social media firm would halt most hiring and review all existing job offers.

If the buyout deal is completed, Twitter’s shareholders would be entitled to receive $54.20 in cash for each of their common shares, the company said, adding that its board was in favor of the acquisition.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)