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Twitter to Hold Annual Shareholder Meeting Amid Elon Musk’s Uncertainty Over Acquisition

Twitter to Hold Annual Shareholder Meeting Amid Elon Musk’s Uncertainty Over Acquisition

Twitter investors are set to vote on five stockholder proposals, all opposed by management.

By Reuters | Updated: 25 May 2022 17:37 IST

Twitter to Hold Annual Shareholder Meeting Amid Elon Musk’s Uncertainty Over Acquisition

Photo Credit: Reuters

Twitter's virtual annual meeting will include a question-and-answer session on Wednesday

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Highlights

Twitter will face questions from shareholders at its annual meeting
The company's meeting with shareholders will take place on Wednesday
Twitter investors are set to vote on five stockholder proposals

Twitter will face skeptical shareholders on Wednesday during its annual meeting, as doubt remains over whether the social media company will complete its deal to be acquired by billionaire Elon Musk at the agreed-upon price.

The Tesla chief executive tweeted on May 13 that the $44 billion (roughly Rs. 3,41,300 crore) acquisition was "temporarily on hold" while he sought more information about the proportion of fake accounts on Twitter.

The company said last week it remained committed to the deal at the agreed price. However, investors have appeared unconvinced, as Twitter's shares closed on Tuesday at $35.76 (roughly Rs. 2,800), representing a 34 percent discount to the $54.20 (roughly Rs. 4,200) per share deal price.

Musk-Twitter Deal Highlights SEC’s Relationship With the Billionaire

While the virtual annual meeting will include a question-and-answer session on Wednesday, a Twitter spokesperson said the company will not answer deal-related questions.

Twitter investors are set to vote on five stockholder proposals, all opposed by management, which include asking the company to produce a report on its impact on civil rights and another on its lobbying activities.

The meeting itself will not be "particularly relevant" to the agreement to be acquired by Musk, said Donna Hitscherich, a professor of finance at Columbia Business School.

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Even if shareholders approve any of the proposals, it will be non-binding, she said.

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Further reading: Twitter, Elon Musk