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Elon Musk’s Twitter offer to be voted on by shareholders this summer.

Click to play video: 'Elon Musk says Twitter takeover deal ‘temporarily on hold’'

WATCH: Elon Musk says Twitter takeover deal 'temporarily on hold' – May 13, 2022

Twitter Inc. plans to hold a shareholder vote by early August on its US$44 billion sale to Elon Musk, as it continues to work “constructively” to complete the deal with the world’s richest person, the social media company’s top executives told employees on Wednesday.

Musk’s lawyers warned Twitter on Monday that he might walk away from the acquisition if the company fails to provide the data he seeks on spam and fake accounts.

Twitter has said it is continuing to share information with Musk. Part of that data is the “firehose,” a set comprising all tweets on the platform analyzed by different parameters, such as devices of users or profiles of accounts that publish tweets, according to people familiar with the matter.

Twitter sells this data to social media monitoring companies as part of its licensing business but plans to furnish it to Musk for free as part of the information exchange, the sources said.

The firehose does not contain confidential information, such personal details of Twitter users that are not public or how often they verify their accounts, the sources added.

It was not clear how much confidential information about its user base Twitter will share with Musk. The Washington Post first reported on the sharing of the firehose.

A Musk spokesperson did not immediately respond to a request for comment.

Twitter’s Chief Financial Officer Ned Segal told an employee meeting that the company anticipates to hold a shareholder vote on the Musk deal in late July or early August.

© 2022 Reuters

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