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{"id":3722,"date":"2022-04-15T14:41:21","date_gmt":"2022-04-15T14:41:21","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/04\/15\/twitter-ceo-tells-employees-the-board-is-still-evaluating-an-elon-musk-takeover\/"},"modified":"2022-04-15T14:41:22","modified_gmt":"2022-04-15T14:41:22","slug":"twitter-ceo-tells-employees-the-board-is-still-evaluating-an-elon-musk-takeover","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/04\/15\/twitter-ceo-tells-employees-the-board-is-still-evaluating-an-elon-musk-takeover\/","title":{"rendered":"Twitter CEO tells employees the board is still evaluating an Elon Musk takeover"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/4\/14\/23025903\/twitter-ceo-board-elon-musk-takeover-still-evaluating<\/a>
\n
<\/br><\/code><\/p>\n

\n

Twitter CEO Parag Agrawal told employees Thursday that the company was still evaluating a $43 billion offer by Elon Musk<\/a> to buy the company and take it private, setting the stage for a potentially drawn-out feud with the world\u2019s richest person.<\/p>\n

After clips of the songs \u201cI Say A Little Prayer\u201d and \u201cI Want It That Way\u201d by the Backstreet Boys played, Agrawal launched into a 25-minute Q&A session with employees Thursday, according to a person in attendance. He didn\u2019t say when the board would have an answer to Musk\u2019s offer or which way it was leaning, frustrating some who expected a more detailed explanation. The board would follow a \u201crigorous process\u201d and make a decision \u201cin the best interest of our shareholders,\u201d he said.<\/p>\n

Agrawal, who took over as CEO of Twitter last November for Jack Dorsey, fielded concerns from employees about the future of the social network if Musk were to take it over. At least one employee asked about the possibility of future layoffs, which Agrawal said wouldn\u2019t be dictated by individual performance ratings. In response to another question about what would happen to employee stock options if Twitter was taken private, he said it was too early to speculate. The emergency call was held during a \u201cfocus week\u201d for Twitter employees, in which they had Monday off and were encouraged to be heads-down on projects and take few meetings.<\/p>\n

Prior to the meeting, Musk had criticized the possibility<\/a> of board action against the deal, saying it \u201cwould be utterly indefensible not to put this offer to a shareholder vote.\u201d In an interview earlier in the day at the TED 2022 conference in Vancouver<\/a>, Musk said his bid wasn\u2019t about making money and that he didn\u2019t \u201ccare about the economics at all.\u201d Instead, he said he wanted Twitter to protect \u201cfree speech\u201d and open up its algorithm to outside scrutiny.<\/p>\n

Together, Agrawal\u2019s remarks suggest Twitter won\u2019t bend to Musk\u2019s whims easily<\/a> and that a messy, Succession<\/em>-style corporate battle could play out in the coming days. Twitter\u2019s board could choose to field other offers for the company or adopt a poison pill<\/a> \u2014 a common strategy for refuting hostile takeover attempts. Musk, meanwhile, told the audience at TED on Thursday that he had a \u201cplan B\u201d should Twitter reject his offer.<\/p>\n

Even if Twitter succeeds in defending against Musk this time, employees are already wondering if it can withstand future takeover attempts. At one point during the all-hands, Agrawal demurred when an employee asked: \u201cAre we just going to start inviting any and all billionaires to our board?\u201d<\/p>\n<\/div>\n


<\/br><\/code><\/p>\n

Source: https:\/\/www.theverge.com\/2022\/4\/14\/23025903\/twitter-ceo-board-elon-musk-takeover-still-evaluating<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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