Twitter will face skeptical shareholders on Wednesday during its annual general meeting, as there is uncertainty as to whether the telecommunications company will terminate its contract with millionaire Elon Musk at the agreed price.
A Tesla chief executive wrote on Twitter on May 13 that a $ 44 billion purchase (approximately Rs. 3,41,300 crore) was “temporarily suspended” while seeking further information on the number of fake accounts on Twitter.
The company said last week it was still committed to the agreement on the agreed price. However, investors appeared to be uncertain, as Twitter shares closed on Tuesday at $ 35.76 (approximately Rs. 2,800), representing a 34 percent discount to $ 54.20 (approximately Rs. 4,200) share price. each.
While the annual meeting will include a question-and-answer session on Wednesday, a Twitter spokesman said the company would not answer questions related to the agreements.
Twitter investors will vote on five shareholder proposals, all of which are opposed by management, including asking the company to release a report on its impact on civil rights and one on its lobbying activities.
The meeting itself will not be “particularly relevant” to the agreement Musk will receive, said Donna Hitscherich, a professor of finance at Columbia Business School.
Even if shareholders approve any proposals, they will not be bound, he said.
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