At an emergency meeting on Friday, Twitter officials rallied over Elon Musk’s $ 44 billion deal to accuse the world’s richest man of bigotry and worry about potential job cuts after the deal ended.
Employees at the “impromptu” joint meeting asked angry questions to executives, including CEO Parag Agraval, who was described as tired and at times irritated, according to Insider.
Reached by DailyMail.com on Saturday morning, a Twitter spokeswoman declined to comment.
One meeting official described Musk as anti-gay and transgender, fearing that his property would hurt efforts to hire new staff.
“What can we say to the LGTBQ community at recruitment conferences we are scheduled to attend when we are asked why they should come to work on Twitter after we have just sold ourselves into open homophobia and transphobia?” The clerk asked Dalana. Brand, the main employee of Twitter and diversity.
Brandt diplomatically avoided agreeing with Musk’s assessment, saying: “I can’t talk to Elon’s personal feelings about these things. I can’t talk about what he has done in his other companies in terms of people’s experience.
– Maybe in the future we will be able to have a conversation. That could be indicative, “she added.
At a general meeting on Friday, Twitter officials addressed angry questions to CEO Parag Agraval (left) and Dalana Brand, chief executive of Twitter and Diversity (right)
Elon Musk, seen with director Brin Moose last month, will not make any decisions about job cuts until he takes over, says one source
Criticism of Musk may be related to his previous mockery of including pronouns in Twitter’s biography.
Recent reports also show that the billionaire was prompted to buy Twitter after the service shut down a satirical account praising a transgender Biden administration official as “man of the year.”
Twitter officials also expressed concerns about impending layoffs. Musk reportedly promised to cut the salaries of executive directors after taking office, but a source said he would not make any decisions about job cuts until he takes office.
An official described as “angry and frustrated” raised the issue with Agraval in a question read aloud during the meeting.
“I’m tired of hearing about shareholder value and fiduciary debt. What are your honest thoughts about the very high probability that many employees will not have a job after the transaction is completed? The clerk asked.
Agraval replied that Twitter has always taken care of its employees and will continue to do so, but did not rule out the possibility of layoffs.
“Different organizations have different cultures, but they have stood out,” he said. “It will be different here than it is today, but for the people who are here, it will be worth being here.”
“I believe that the future Twitter organization will continue to care about its impact on the world and its customers,” he said.
Twitter is headquartered in San Francisco. Twitter officials expressed concerns about upcoming staff cuts on Friday afternoon
Executives said during the meeting that the dropout rate had not changed from levels before news of Musk’s interest in buying the company.
In recent days, Musk has posted on Twitter a critique of Twitter’s lead lawyer, Vijaya Gade, who is widely respected in Silicon Valley. Gade was a key player in controversial actions to ban Donald Trump from Twitter and censor reports on Hunter Biden’s laptop.
Musk’s attack sparked a series of online harassment of Gade and led to speculation that he could fire her once he took control.
At Friday’s meeting, Gade answered questions about the deal Musk signed with Twitter, setting out the terms of his buyout.
Asked about the $ 1 billion termination fee that either party could be forced to pay if it withdrew from the deal, Gade said it could be seen as “an incentive in some way to implement the agreement”.
“But the contract itself has very strict implementation requirements,” Gade continued, according to Insider.
“What I mean is that there is a provision in the contract that says Twitter can sue to get the contract done. So, as we say, it’s not just about the termination fee. These are all provisions and how they play together to create security for the deal.
At Friday’s meeting, Twitter’s chief lawyer Vijaya Gade answered questions about Musk’s deal with Twitter, which sets the terms for its buyout.
Elon Musk’s attempt to hostilely take over Twitter’s history:
- January 31: Musk starts buying shares on Twitter “almost every day”
- April 4: The billionaire reveals that he has a nine percent stake in the technology giant
- April 5: Twitter offers him a seat on the board of directors – as long as he does not own more than 14.9 percent. Initially accepted the proposal
- April 8: Vanguard Group reveals more than 10.3 percent stake in Twitter, meaning Musk is no longer the largest shareholder
- April 9: Musk refuses a seat on Twitter on the day he is due to join
- April 10: CEO Agrawal announces that Musk has refused to join the board in a statement
- April 12: Investor Marc Bain Rasella files a lawsuit against Musk in New York for “failure to report his stock purchases on Twitter to the SEC” in time
- April 14: The founder of Tesla offers to buy Twitter for $ 43 billion
- April 14: Twitter shares collapse after a hostile takeover offer
- April 15: Twitter board sets up “poison pill” strategy against Musk
- April 16: Musk tweets “Love Me Tender” while irritating the possibility of a hostile takeover of Twitter
- April 17: Musk agrees to a tweet saying “the game is set up” if he can’t buy Twitter
- April 18: Jack Dorsey accuses the Twitter board of “conspiracies and coups” that are “permanent dysfunction of the company”
- April 18: The social media giant submits its defense against the “poison pill” to the Securities and Exchange Commission
- April 21: Musk submits a document to the SEC revealing how he will finance the takeover bid
- April 24: Tweets need to “move forward” over Bill Gates’s taunts
- April 24: Twitter announces review of Musk’s $ 43 billion bid to buy the company
- April 25: Twitter signs a $ 44 billion acquisition agreement with Musk
At the meeting, all employees also told executives that they feared that Musk’s chaotic behavior could destabilize Twitter and harm it financially as the company prepares to address the advertising world in a presentation next week in New York. York.
“Do we have a short-term strategy on how to deal with advertisers who attract investment?” An employee asked.
Sarah Personet, Twitter’s chief customer officer, said the company works to communicate frequently with advertisers and assure them that “the way we serve our customers doesn’t change.”
After the meeting, a Twitter employee told Reuters that he had little confidence in what executives had to say.
“The talk of PR is not coming. We have been told not to run out and do work that you are proud of, but there is no clear incentive for employees to do so, “the employee told Reuters, noting that compensation for non-executive employees is now limited due to the deal.
Agraval is estimated to receive $ 42 million if terminated within 12 months of a change in control of the social media company, according to research firm Equilar.
Gade, who won $ 17 million last year, will leave with $ 12.5 million in damages, including an accelerated acquisition of her bonds.
During the meeting, Agrawal called on employees to expect change in the future under new leadership and acknowledged that the company could perform better over the years.
“Yes, we could have made things different and better. I could have done things differently. I think about it a lot, “he said.
Elon Musk increases his Tesla share sale to $ 8.5 billion “to help fund his $ 44 billion Twitter takeover”
Elon Musk has sold a total of $ 8.5 billion in shares of Tesla in recent days, new regulatory documents show on Friday.
The documents double the previously reported amount of the sale, which Musk is likely to make to finance his $ 21 billion commitment to a $ 44 billion Twitter deal.
Although Musk is the richest man in the world, with an estimated net worth of $ 246 billion, most of his wealth is tied up in a warehouse and it seemed clear that he would have to sell some assets to finance the takeover of Twitter.
About half of Musk’s sale of Tesla shares took place on Tuesday. Musk sold another $ 4.4 billion in shares on Thursday, new documents show.
On Thursday night, after the first round of stock sales went public, Musk tweeted: “No more TSLA sales are planned today.”
Elon Musk has sold a total of more than $ 8.4 billion in shares of Tesla in recent days, new regulatory documents show on Friday
Shares of Tesla, which fell 12 percent when it dumped its shares earlier this week, rose 6 percent in Friday morning trading after Musk vowed not to sell the rest of his stake.
To complete the takeover of Twitter, which should be completed by October, Musk has committed $ 21 billion in cash, $ 13 billion from Morgan Stanley in traditional bank loans and another $ 12.5 billion from the bank and others in margin loans.
It is unclear why Musk decided to liquidate part of his 17 percent stake in Tesla so far before the expected closing date.
He sold a total of about 9.6 million shares this week, according to documents Thursday and Friday, equivalent to 5.6 percent of his stake in the company. Musk still owns about 16 percent of Tesla, a $ 143 billion stake.
After taxes, Musk will earn about $ 6.5 billion from his last share sale and will earn about $ 3 billion from another big sale late last year. That leaves approximately $ 10 billion in cash, of which he will still have to meet his equity requirement for the Twitter deal.
It is unclear how it will cover the remaining capital funding. Musk owns 44% of the unregistered missile company …
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