Twitter will hold a shareholder vote on Musk’s offer in September

The company’s plan, which was disclosed in a filing, comes as the world’s richest person prepares for a legal clash with Twitter in October over backing down from his bid to buy the social media company.

At the meeting, shareholders will be asked to vote on a proposal to approve compensation that may be paid by Twitter to certain executives in connection with the buyout, Twitter said in a filing.

In addition, the company revealed that it had significantly slowed recruitment in the second quarter and was being more selective in allocating positions, in an effort to reduce costs.

In May, Twitter chief executive Parag Agrawal told employees that the social media company would halt most hiring and review all existing job postings.

If the repurchase agreement is completed, Twitter shareholders will be entitled to receive $54.20 in cash for each common share they own, the company said, adding that its board of directors was strongly in favor of recovery.

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