In September, Twitter will hold a shareholder vote on Elon Musk’s $44 billion offer

Twitter stated in a filing that shareholders will be asked to decide on a proposal to approve the compensation that Twitter might pay to specific executive officers in connection with the purchase at the meeting.

Twitter Inc. said on Tuesday that a shareholder meeting would be held on September 13 to vote on Elon Musk’s proposed $44 billion takeover bid of the social media business.

The corporation’s strategy, which was revealed in a filing, comes as the richest man in the world gears up for a court confrontation with Twitter in October over withdrawing his offer to purchase the social media giant.

Twitter stated in a filing that shareholders will be asked to decide on a proposal to approve the compensation that Twitter might pay to specific executive officers in connection with the purchase at the meeting.

Separately, the business revealed that, in an effort to save expenses, recruiting had been drastically reduced in the second quarter and that it was now being more careful when filling positions.

Twitter’s CEO, Parag Agrawal, informed staff members in May that the social media company would halt most hiring and assess all open positions.

According to Twitter, stockholders will be eligible to receive $54.20 in cash for each common share they own if the buyout agreement is successful. The company also stated that its board was firmly in support of the acquisition.