Salem Radio Network News Thursday, August 11, 2022

Business

Twitter investors support some shareholder proposals

By Sheila Dang

(Reuters) -Twitter Inc investors voted in favor of creating reports on electoral spending and on risks of using concealment clauses at a meeting on Wednesday that avoided the biggest question for the social media company: will it complete its deal to be acquired by billionaire Elon Musk for $44 billion.

The Tesla chief executive tweeted on May 13 that the deal was “temporarily on hold” while he sought more information about the proportion of fake accounts on Twitter.

The company last week said it remained committed to the deal at the agreed price and on Wednesday said it would not take questions about the deal at the virtual meeting.

Shareholders followed management advice to vote against other proposals, including one that would commission a report on company lobbying expenditures.

They re-elected Patrick Pichette to the board but voted against Egon Durban.

(Reporting by Sheila Dang in Dallas; Editing by Cynthia Osterman and Lisa Shumaker)

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