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‘s lawyers are telling employees to remain silent about pulling the plug on his $44 billion acquisition of the social media giant.
The billionaire blasted the social media giant for refusing to ‘comply with its contractual obligations’ throughout the acquisition process.
But Twitter immediately hit back, with its chairman revealing the firm planned to force through the blockbuster takeover through the courts.
The company’s chairman Bret Taylor tweeted: ‘The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr.Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Court of Chancery.’
Amir Shevat, whose Twitter bio says he works on the company’s developer products, made a joke about Musk promising ‘exceptional’ employees could work from hom
Jared Manfredi, whose profile says he works on iOS products at Twitter, gave his two cents on Musk pulling the plug
That message was retweeted by Twitter CEO Parag Agrawal.That appears to be the only public statement that the company will be making right now.
A leaked internal memo from the company’s general counsel Sean Edgett read: ‘Given this is an ongoing legal matter, you should refrain from Tweeting, Slacking, or sharing any commentary about the merger agreement,’ according to New York Times’ reporter
The message continued: ‘We will continue to share information when we are able, but please know we are going to be very limited on what we can share in the meantime.I know this is an uncertain time, and we appreciate your patience and ongoing commitment to the important work we have underway.’
Speaking to about the collapsed deal, an anonymous Twitter employee said that Musk had ‘f**king destroyed the company.’
Twitter CEO Parag Agrawal is set to come face-to-face with Tesla CEO Elon Musk on Saturday when Musk delivers the marquee address at the annual Allen and Company’s Sun Valley Conference, which Agrawal has been attending for the past three days
The world’s wealthiest man had earlier stalled on the deal after claiming that he wanted his team to do ‘due-diligence’ over the number of fake accounts on the platform.
The employee said: ‘I guess it feels like we won. But it feels like the end of the movie, where the characters are bloodied and bedraggled with a Michael Bay explosion behind them.We could see this was coming, but in the meantime he’s f**king destroyed the company.’
Amir Shevat, whose Twitter bio says he works on the company’s developer products, posted on the service soon after news of Musk’s termination, ‘End of season one — what a cliffhanger…’
Shevat later tweeted: ‘I still plan to be remote and exceptional,’ an apparent reference to Musk saying earlier that ‘exceptional’ employees would be allowed to work from home.
Jared Manfredi, whose profile says he works on iOS products at Twitter, wrote, ‘If only this wasn´t the start of a long drawn-out court battle that will just end up lowering the purchase price and continuing the circus for another indefinite amount of time.’
Twitter told employees last month that it was on track to increase the number of users who see ads by 13 million during the just-ended second quarter, the highest such goal it has ever set.Twitter has not yet announced second-quarter results.
Musk told Twitter staff later in the month on a video townhall that he wants to grow the company to at least 1 billion users from 229 million. He also told them users should be allowed to post ‘pretty outrageous things.’
Meanwhile, world’s richest man Musk is currently embroiled in a months-long deal to but Silicon Valley social media giant Twitter for Sportsbook software roughly $44 billion — and his stark anti-remote sentiments would likely fly in the face of the company’s more relaxed work from home rules
Musk has been in the South of France last month attending galas and weddings with Natasha Bassett
Musk, a prolific user of Twitter, has said in owning a social media service, he could make it more entertaining and maintain it as an essential public forum.
His attorney in a regulatory filing on Friday said Twitter had violated a deal provision to ‘preserve substantially intact the material components of its current business organization’ by firing two managers, laying off a chunk of its talent acquisition team, instituting a hiring freeze, rescinding job offers.It also cited the resignations of three department leaders.
Twitter had over 7,500 employees as of the end of 2021.
During an all-hands meeting with employees in April, Agrawal attempted to quell employee anger after workers demanded answers to how managers planned to handle an anticipated mass exodus prompted by Musk.
Agrawal stood to make $42 million if the Musk deal went ahead.
Musk is also claiming that Twitter had failed to operate normally over the past two months as it froze its hiring process and fired senior staff.
The day before Musk made his announcement, Twitter announced that they had laid off 30% of their acquisition team, which amounted to nearly 100 people.In a brief comment to a Twitter spokesperson said that the lay offs were to ‘align Twitter with its news business needs.’
In a letter to the Securities and Exchange Commission dropping the bombshell, Skadden Arps attorney Mike Ringler — acting for Musk — said Twitter were in material breach of multiple provisions of the agreement.
Ringler wrote: ‘Mr Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr.Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect.
‘While Section 6.4 of the Merger Agreement requires Twitter to provide Mr. Musk and his advisors all data and information that Mr.Musk requests ‘for any reasonable business purpose related to the consummation of the transaction,’ Twitter has not complied with its contractual obligations.
‘For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform’.
‘This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business.
‘Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr Musk incomplete or unusable information.’