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The Board Is Still Deliberating On Elon Musk Offer Twitter CEO To Employees

Twitter board of directors seems to be debating on Elon Musk Take over offer

Philip Aladino

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Elon musk’s Twitter shares | image by Philip Dino (Smarttechvillas)

Twitter CEO Parag Agrawal informed staff Thursday that the firm was still examining a $43 billion bid by Elon Musk to purchase the company and take it private, laying the groundwork for a potentially drawn-out fight with the world’s wealthiest person.

After snippets of the songs “I Say A Little Prayer” and “I Want It That Way” by the Backstreet Boys were played, Agrawal proceeded into a 25-minute Q & A session with workers Thursday, according to a source in attendance. He didn’t indicate when the board would have a response to Musk’s offer or which way it was leaning, upsetting those who wanted a more extensive explanation. He added that the board will conduct a “rigorous process” and make a decision “in the best interest of our shareholders.”

Agrawal, who took over as CEO of Twitter from Jack Dorsey in November, received concerns from employees about the social network’s future if Musk took over. At least one employee questioned the likelihood of future layoffs, which Agrawal indicated wouldn’t be influenced by individual performance evaluations.

Meanwhile, in response to another query regarding what would happen to employee stock options if Twitter was taken private, he said it was too early to guess. The emergency call was conducted amid a “focus week” for Twitter staff, in which they had Monday off and were urged to be heads-down on projects and take a few meetings.

Prior to the meeting, Musk had blasted the idea of board action against the acquisition, saying it “would be totally immoral not to submit this offer to a shareholder vote.” In an interview earlier in the day at the TED 2022 conference in Vancouver, Musk claimed his offer wasn’t about generating money and that he didn’t “care about the economics at all.” Instead, he claimed he wanted Twitter to defend “free speech” and open up its system to outside inspection.

Together, Agrawal’s words imply that Twitter won’t bow to Musk’s whims easily and that an ugly, succession-style corporate war might play out in the coming days. Twitter’s board might choose to consider new proposals for the firm or employ a poison pill, a popular method for opposing hostile takeover efforts. Musk, meanwhile, informed the audience at TED on Thursday that he had a “plan B” should Twitter reject his offer.

Even if Twitter succeeds in battling against Musk this time, staffers are already asking whether the company can resist future takeover bids. At one point during the all-hands, Agrawal demurred when an employee asked: “Are we simply going to start asking any and all billionaires to join our board?”

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