Elon Musk’s Twitter deal still proceeding

22 May, 2022 - 00:05 0 Views
Elon Musk’s Twitter deal still proceeding Elon Musk

The Sunday Mail

Twitter Incorporated executives told employees on Thursday that the US$44 billion deal to sell the company to billionaire Elon Musk is moving forward as planned, and that they won’t renegotiate the agreed-upon price of US$54,20 per share.

Vijaya Gadde, Twitter’s top lawyer and head of policy, also told workers at an all-hands meeting that there is “no such thing as a deal being on hold,” according to people who attended the meeting.

She was pushing back on recent claims from Musk that he is pausing the deal while he learns more about the number of bots and spam accounts on the social-media service.

Twitter stock jumped about 2 percent on the news of the meeting, which was first reported by Bloomberg. Earlier the shares had declined by as much as 1,7 percent.

Other top Twitter executives, including chief executive officer Parag Agrawal and finance chief Ned Segal, also addressed employees, said the people, who asked not to be identified discussing internal business.

The companywide video call was intended for leadership to discuss the deal and provide more details following Twitter’s filing of its proxy statement with the Securities and Exchange Commission last week, which outlined the transaction’s history and terms.

Executives addressed a number of questions about the transaction, including whether Twitter would try and legally force Musk to buy the company based on his agreement.

Gadde assured employees that Musk must “do everything he can” to make sure he gets his financing in order, and that it’s possible Twitter could try and “enforce” the terms of the deal “if we ever needed to do that in a court”. She added that getting to that step would be “pretty rare”.

Musk earlier last week suggested he would be interested in renegotiating his deal for Twitter. − Bloomberg

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