Twitter shareholders have overwhelmingly approved Elon Musk’s $44 billion takeover deal, clearing the way for the electric car maker to complete its purchase of the social media company.
The vote was held at a special shareholder meeting on Tuesday, with more than 99% of voters in favor of the deal.
“This is an exciting day for Twitter,” said CEO Jack Dorsey in a statement. “We’re thrilled to be joining forces with Elon and his team to accelerate our work in building a healthier and more open conversational platform.”
The acquisition still needs to be cleared by regulators, but is expected to close later this year. Once complete, Tesla will own one of the world’s most popular social media platforms, with more than 320 million monthly active users.
The deal has been criticized by some as a distraction for Tesla, which is already facing challenges with meeting production targets for its electric cars. But Musk has said that he believes the combination of Tesla and Twitter will be “a great way to accelerate the progress of sustainable energy.”
