Executives at Twitter have reportedly scheduled an emergency “all-hands meeting with employees” to discuss Elon Musk’s staggering $41.39 billion offer to buy the entire company.
As Slay News was first to report earlier, Twitter responded to Musk’s hostile takeover bid with a statement that said: “Twitter, Inc today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash.
“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
Now we have a report that “Twitter will reportedly hold an all-hands meeting with employees at 2 pm over Elon Musk’s offer to take over the platform.”
When Musk first announced he owned 9.2% of Twitter and said he wanted to embrace free speech on the platform, some employees were not pleased.
However, the Board of Directors at Twitter has a responsibility to its shareholders.
Because Musk has offered 38% over the shares’ value, the board would be negligent in their responsibilities to the shareholders if they declined his offer.
Reuters reported earlier:
Despite Twitter’s reiteration this week that the board does not make policy decisions, four Twitter employees who spoke with Reuters said they were concerned about Musk’s ability to influence the company’s policies on abusive users and harmful content.
With Musk on the board, the employees said his views on moderation could weaken years-long efforts to make Twitter a place of healthy discourse, and might allow trolling and mob attacks to flourish.
In the wake of Trump’s ban from Facebook and Twitter, the billionaire tweeted that many people would be unhappy with U.S. tech companies acting “as the de facto arbiter of free speech.”
Barstool Sports founder Dave Portnoy, who Elon Musk once said should run for office, said:
“So Elon offered 41 billion to buy all of Twitter.
“Now the Board decides if they want to sell it to him?
“It’s a no brainer offer and they’d all make a sh-t ton.
“The only reason to say no is cause they don’t like him right?
“Do I have that right? And if they say yes then everybody who owns any Twitter stock basically gets cashed out at 54.20 a share and it all goes to Elon. That’s wild.
“So maybe it’s not that great an offer.
“Maybe the Twitter board thinks they are smarter than Elon and can get it to 75 a share.
“But if they don’t sell the stock price is gonna crash I think.
“Elon has em by the b*lls.”
So maybe it’s not that great an offer. Maybe the Twitter board thinks they are smarter than Elon and can get it to 75 a share. But if they don’t sell the stock price is gonna crash I think. Elon has em by the balls.
— Dave Portnoy (@stoolpresidente) April 14, 2022
Musk said today announcing his move:
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.
“Twitter needs to be transformed as a private company.
“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.
“Twitter has extraordinary potential. I will unlock it,” he wrote.
JUST IN – Twitter will reportedly hold an all-hands meeting with employees at 2pm over Elon Musk’s offer to take over the platform.
— Disclose.tv (@disclosetv) April 14, 2022