Elon Musk Reconsiders $44 Billion Acquisition of Twitter
Elon Musk will visit Twitter’s San Francisco Office this week, ahead of the expected closing of his deal with to buy the company. This was disclosed by Twitter’s CMO.
Twitter’s CMO wrote that Elon was in the SF office this Week meeting with people, walking the streets, and continuing to dig in on the important work that you all do. If you see Elon around SF, please say hello! This is only the beginning of many more meetings and conversations with Elon.
Berland stated that all Twitter employees will be able to hear directly from Elon Musk on Friday.
Elon Musk posted Wednesday a video in which he was seen entering Twitter’s headquarters with a sink. The deal to purchase the company is expected close by this weekend.
Musk has until Friday to either close his $44billion deal to purchase Twitter or face a trial. The closing of the deal would end the lengthy dispute over the acquisition. Musk had previously tried to leave but earlier this month agreed to continue with the terms originally agreed upon.
Musk will likely face many questions from employees nervous when he addresses Twitter’s workforce.
The Washington Post reported last week that Musk had told potential investors that he would cut 75% of his staff and that Twitter had already made plans for massive layoffs, even if the deal was not completed. According to Bloomberg, Twitter General Counsel Sean Edgett wrote a memo to employees saying that the company doesn’t have confirmation of the buyer’s plans. CNN was confirmed by a Twitter spokesperson that the memo is authentic.
Musk had discussed the possibility of Twitter’s workforce being drastically reduced in text messages to friends. The details were also revealed in court filings.
Twitter’s decision to go with Musk’s plan is a sign of a bright future. Musk has spent months criticizing Twitter’s management, questioning its worth, and changing his mind. This means that Musk’s contested claims, such as that Twitter was lying about the percentage of bots among its users, are unlikely to be examined in court.
Twitter shares dropped 0.6% in premarket trades after closing 22% higher at $52 yesterday.
