Employees at Twitter Inc. expressed their shock and fatigue on Friday after billionaire businessman Elon Musk announced he would cancel a deal to acquire the social media company, potentially leading to months of legal wrangling.
Musk said Twitter violated a number of terms of a $44 billion acquisition agreement, including failing to provide adequate information about spam accounts and firing some executives and recruiters. The Twitter chairman said the board plans to file a lawsuit to enforce the agreement.
In blatant criticism of the most recent step in Musk’s courtship with Twitter since January, engineers, marketing executives and other company employees quickly took to Twitter to share memes publicly. These memes feature images of a roller coaster and a baby screaming into a phone. Others joked about how they couldn’t keep their own personal promises.
Due to Musk’s penchant for reducing staffing and other expenses, eliminating content control and limiting remote work, employees have expressed widespread fear over his takeover of Twitter. However, Musk’s now rejected offer still represents a 36 percent premium to the company’s stock and could lead to significant payouts for both employees and other shareholders.
A Twitter employee told Reuters on Friday that they were growing tired of the road ahead after months of non-stop headlines. Under the condition of anonymity, the employee said, “I just don’t think it’s really over.”
Season one end — what a cliffhanger, wrote Amir Shevat, whose Twitter account says he’s working on the company’s developer products, shortly after learning of Musk’s resignation.
“Wasn’t this the start of a lengthy legal battle that would end with lowering the purchase price and extending the circus indefinitely,” said Jared Manfredi, who works on iOS according to his profile. products on Twitter.
They did not immediately respond to requests for comment sent via private messages, and Reuters was unable to independently verify the facts in their profile, Reuters reports. Twitter informed employees last month that it was on track to surpass its all-time high of 13 million users who would see ads in the second quarter that had just ended. Twitter has not yet released its second quarter results.
Musk, the CEO of electric vehicle maker Tesla and aerospace company SpaceX, said in a video town hall with Twitter staff that he aims to expand the user base from 229 million users to at least 1 billion users. Users should be able to post “pretty crazy stuff,” he added.
Musk, a frequent Twitter user, has claimed that if he owned a social media platform, he could make it more fun while still keeping it as an important public forum.
In a regulatory filing on Friday, his lawyer alleged that Twitter had breached a contract clause requiring it to “keep the material components of its current business organization substantially intact” by letting go of two executives, cutting back on its talent acquisition team, causing a staff freeze. and the withdrawal of vacancies.
The resignation of three department heads was also mentioned. At the end of 2021, Twitter had more than 7,500 employees.
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