Musk's $44 billion Twitter buyout approved as trial looms

Twitter shareholders approved billionaire Elon Musk's planned $44 billion purchase, setting up a trial next month to decide the deal's fate

A majority of Twitter shareholders voted in favour of accepting Musk's $54.20-a-share bid to acquire the social-networking business. 

Musk made the proposal in April and wants to withdraw it. Twitter's board and two consulting companies urged investors to approve the purchase.

The shareholder meeting lasted 7 minutes, with voting available for 3 minutes. Twitter encouraged investors to vote early weeks before the meeting.

The acquisition needs investor approval, but its completion is uncertain. Musk claimed he was cancelling the deal in July, saying Twitter deceived him about its user base and bots and spam accounts

The business reported 98.6% approval for the acquisition. Two individuals familiar with Musk's decision say he didn't vote. Musk controlled over 10% of Twitter when he agreed to buy it.

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