Twitter CEO Parag Agarwal.
Highlight
- Elon Musk Makes Hostile Bid To Acquire Twitter For About $43 Billion
- CEO Parag Aggarwal while talking to the employees said that the company will follow a “rigorous process”
- Agarwal said the board is still evaluating Musk’s proposal, making a decision in the best interest of shareholders.
After Elon Musk made a hostile bid to acquire Twitter for around $43 billion, its Indian-origin CEO Parag Agarwal has tried to convince employees that the micro-blogging platform will follow a “rigorous process”.
In a meeting with employees late Thursday, Agarwal said the board was still evaluating Musk’s offering and would make a decision “in the best interest of our shareholders”, reported The Verge.
“At least one employee asked about the possibility of layoffs in the future, which Agarwal said would not be determined by individual performance ratings,” the report noted.
To a question about what would happen to employee stock options if Twitter was taken private, Agarwal said it was too early to speculate.
During a TED event, Tesla CEO Musk told the audience that he has a “plan B” if Twitter declines his offer. However, he did not give much information.
“I’m not sure I’ll actually be able to achieve this,” said the billionaire.
Twitter has said it will carefully review Musk’s “unsolicited, non-binding” offer to acquire the micro-blogging platform for more than $43 billion.
“The Twitter Board of Directors will carefully review the proposal to determine the course of action in the best interest of the company and all Twitter stockholders,” the micro-blogging platform said in a statement.
Musk offered to buy 100 percent of Twitter at $54.20 a share, a 54 percent premium over Twitter’s closing price on January 28, 2022, the day before Musk began investing in the company.
This is a 38 percent premium over Twitter’s closing price on April 1, 2022, the day Musk’s investment in Twitter was publicly announced.
Musk said in a US SEC filing, “I have invested in Twitter because I believe in its potential to be the platform for free speech around the world, and I believe free speech is a key to a functioning democracy.” social imperative.”
“However, since making my investment I have now realized that the company will neither develop nor serve this social imperative in its current form. Twitter needs to be turned into a private company.”
“If the deal does not work, given that I do not trust management nor do I believe I can make the necessary changes in the public market, I will need to reconsider my position as a shareholder,” He threatened.
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