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Twitter Locks off Equity Accounts of Employees

Twitter terminated employee stock incentives accounts.

Ediomo Effiong

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Elon Musk and Twitter DealElon Musk is giving until 28th of October to finalise twitter purchase | (Smarttechvillas)

Keynotes

  • Twitter has turned off equity accounts of employees.
  • Twitter terminated employee stock incentive accounts.
  • The Delaware judge gave Musk until October 28th to finalise the contract.
  • Twitter and Elon Musk have been at odds over the sale of the company for weeks.

Musk has only a few days left to complete the purchase of Twitter. Recently, Twitter stopped the stock incentives accounts of its employees, following this recent action suggests they are hoping Musk can successfully close the deal.

Twitter’s stock gained 2.05% in today’s regular trading, closing at $51.78, although that’s still below Musk’s $54.2 target price. Modifications Made Due to Twitter. The deadline for Musk to finalise the contract is October 28th, set by the judge in Delaware.

A new version of Twitter’s Frequently Asked Questions for Staff was released this week. The change is a friendly way to remind employees that the Equity Award Center is not a place where they can access their stock accounts or trade stocks.

The page also confirmed the company’s position that the entity under Musk’s control will close the deal. Previously, Musk had requested the cancellation of the agreement.

Earlier this month, though, Musk reversed course and said the sale would go through under the original terms.

Twitter and Elon Musk have been at odds over the sale of the company for weeks. After Elon Musk turned down an all-cash offer to buy Tesla, the company sued him.

There was too much information gathering, according to Tesla’s CEO. He said the firm is interested in everything discussed in online chats concerning the purchase. Also, Musk had originally said that Twitter was trying to sell bot accounts, which they strongly denied.

Peiter Zatko, Twitter’s former security director, reportedly said that the company didn’t have the tools to figure out how many bot accounts were on the site.

Two years ago, the famous hacker Zatko was appointed director of security at Twitter. Zatko’s departure from the company was announced in January for reasons that were not disclosed. Specifically, he claims that the Blue App has major flaws in its spam account protection and security.

Eventually, this led to confusion amongst authorities. Still, Elon Musk has decided to move forward with the transaction regardless of the obstacles.

Ediomo Effiong is a content writer, producer and blogger currently signed up with SmartcoreTech Media as an author and writer to express his creative and content writing skills.