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Tuesday, May 30, 2023

How Twitter Staff Reacted to Elon Musk’s Pull-out

Employees of Twitter Inc. expressed shock and tiredness on Friday after billionaire businessman Elon Musk announced he was canceling a deal to acquire the social media company, potentially setting off months of legal wrangling.

Musk said that Twitter broke a number of terms of a $44 billion acquisition agreement, including failing to provide enough information on spam accounts and firing some executives and recruiters. The chairman of Twitter announced that the board intended to file a lawsuit to enforce the agreement.

In apparent criticism on the most recent step in Musk’s courtship of Twitter since January, engineers, marketing executives, and other firm employees swiftly flocked to Twitter to share memes in public. These memes included images of a rollercoaster and a baby yelling into a phone. Others made jokes about how they couldn’t breach their own personal promises.

Because of Musk’s penchant for reducing headcount and other expenditures, eliminating content control, and restricting remote work, employees have expressed widespread fear about his taking over Twitter. Musk’s now-rejected offer, however, still represents a 36 percent premium for the company’s shares and might result in significant payouts for both staff members and other stockholders.

An employee of Twitter told Reuters on Friday that they were growing increasingly sick of the road ahead after months of nonstop headlines. Under the condition of anonymity, the employee said, “I just don’t think it’s genuinely over.”

End of season one – what a cliffhanger, wrote Amir Shevat, whose Twitter account states that he works on the company’s developer products, shortly after learning of Musk’s dismissal.

“If only this wasn’t the start of a lengthy drawn-out legal battle that will just wind up lowering the purchase price and prolonging the circus for another undetermined amount of time,” said Jared Manfredi, who according to his profile works on iOS products at Twitter.

They did not immediately react to demands for comment sent through private messages, and Reuters was unable to independently verify the facts in their profiles, reports Reuters. Twitter informed staff members last month that it was on track to surpass its highest-ever goal of 13 million users who would see advertisements during the second quarter that had just finished. Twitter hasn’t yet released its second-quarter earnings.

Musk, the CEO of the electric vehicle manufacturer Tesla and the aerospace firm SpaceX, said in a video town hall with Twitter personnel that he aims to increase the service’s 229 million user base to at least 1 billion users. Users should be able to post “quite crazy stuff,” he added.

Musk, a frequent Twitter user, has claimed that if he owned a social media platform, he could make it more enjoyable while still keeping it as an important public forum.

In a regulatory filing on Friday, his lawyer claimed that Twitter had broken a contract clause requiring it to “preserve substantially intact the material components of its current business organization” by letting go of two managers, cutting back on its talent acquisition team, putting a hiring freeze in place, and rescinding job offers.

Three department heads’ resignations were also mentioned. Twitter had over 7,500 employees as of the end of 2021.

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