Elon Musk has chosen to scrap the $44 billion purchase of Twitter that he had previously agreed to. But his effort to violate this agreement has agitated the IT industry and created a future fraught with uncertainty and legal difficulties. According to Saturday’s Washington Post story, Twitter is in a depressing mood.
The majority of the workforce has been preparing for Musk to formally attempt to walk away after weeks of threats. One employee, who spoke on the condition of anonymity to openly discuss the situation within the firm, said, “This has been the direction of travel for a long.” There has been a broad lack of belief that the agreement would be implemented as written.
Bret Taylor, the board chair for Twitter, asserted that the firm is still committed to consummating the transaction at the agreed-upon price and that it intends to take legal action to enforce the contract.
Many employees, however, claim that the entrance of Musk’s discussions has increased scrutiny of Twitter, which has only served to aggravate them. Any stock decline would have an impact on staff remuneration, adding to the dismay of employees who have already reacted negatively to the idea of the richest man in the world taking over their business. Twitter has removed key executives and implemented a hiring freeze since Musk announced his purchase.
Twitter has a legitimate reason for attempting to uphold Musk’s initial requirements. Price has plummeted dramatically after the board said it had authorized his offer to buy the company at $54.20 per share. On the day of that announcement, the stock’s closing price was $51.70 a share. Shares of Twitter were now trading at $36.81 as of Friday’s market close.
Mr. Musk did not forego his right to review Twitter’s data and information only because he declined to do so before signing the Merger Agreement,” Ringer stated. In reality, he intentionally negotiated access and information rights inside the Merger Agreement before funding and completing the acquisition so that he could review data and information that was essential to Twitter’s functioning.
Twitter still wants Musk to finish the acquisition, despite all the controversy. To coerce him, the business has even threatened legal action. Twitter chair Bret Taylor stated on Friday that the board was “committed to finalizing the deal on the price and conditions agreed upon with Mr. Musk
Elon Musk has left Twitter in this position: horrified by the idea of his takeover and fully dedicated to bringing it about. Very good troll work.