- Advertisement -

Twitter said Tuesday that, based on an initial tally, it has a sufficient number of votes from shareholders to approve Elon Musk’s $44 billion acquisition of the social media giant.

anchorSecurityThe lastChangeChange %
TWTRTwitter Inc.41.72+0.24+0.58%

In April, Twitter accepted an offer to acquire Tesla’s CEO and take it privately for $54.20 per share.

advertisement

Musk has filed three separate termination notices in an attempt to walk away from the deal after the company claimed it violated its obligations under the acquisition agreement. Musk claims that Twitter has misrepresented the total number of spam and fake accounts on its platform.

Twitter, which believes that spam and fake accounts account for less than 5% of its users, has repeatedly called the termination notices “invalid and incorrect” and in an attempt to get the world’s richest man to court in Delaware of Chancery suing. Follow the original price and terms of the deal. The legal showdown will begin with the trial beginning on October 17.

- Advertisement -

Industry standard for cyber security ‘more than a decade behind’ Twitter: whistleblower

The shareholder vote comes after former Twitter security chief Peter “Muge” Jatko testified before the Senate Judiciary Committee on Tuesday.

Zatko filed a whistleblower complaint in July with Congress, the US Securities and Exchange Commission, the Federal Trade Commission and the Justice Department, alleging “extreme, serious deficiencies” in cybersecurity on Twitter.

“The company’s cybersecurity failures have left it vulnerable to exploitation, causing real harm to real people,” Zatko told lawmakers. “When an influential media platform can be compromised by teenagers, thieves and spies, and the company repeatedly creates security problems on its own, it’s a big deal for all of us.”

In addition to Twitter’s security flaws, Zatko alleges in the complaint that Twitter executives are “not encouraged to accurately ‘detect’ or report total spam bots on the platform.”

Instead, they are reportedly incentivized to boost the company’s number of monetized daily active users (mDAUs) with a bonus of over $10 million. They also claim that Twitter does not have the resources to fully understand the exact number of bots on the platform.

Get Fox Business on the go by clicking here

Twitter, which fired Zatko in January, called the allegations a “false narrative” about its privacy and data protection practices that are “full of inconsistencies and inaccuracies” and lacked significant context.

The company has said that the timing of the allegations “appears to be designed to draw attention to and harm Twitter, its customers and its shareholders.” But Zatko argued Tuesday that his disclosures were not made to harm or harm the company.

“I continue to believe in the mission of the company and its success,” he said. “But this success can only happen if the privacy and security of Twitter’s users and the public are protected.”

After the hearing, Zatko’s lawyers said in a statement that he was “ready, willing and able to be part of the legislative reform that is desperately needed.”