Elon Musk, the world’s richest man, is set to become Twitter’s new owner after the company’s board agreed to sell the influential social media platform for $44 billion on Monday.
The deal is expected to close later this year pending regulatory approval.
Musk’s $44 billion purchase of the social networking platform has been a two-week odyssey of talks and public reaction.
And ever since the richest man in the world declared his intent this month to buy Twitter, Employees at Twitter reacted with shock and dismay and aired their fears about the company’s future.
They later announced its intention to set up the defense a day after billionaire Elon Musk offered to buy the company. Twitter lays out its ‘poison pill’ plan, a move to fend off a potential hostile takeover by diluting the stake of the entity eying the takeover.
Musk’s acquisition bid had touched on delicate nerves for Twitter employees, as they now face a reality they’ve long feared as Musk’s $44 billion takeover bid went through. Musk may lose its workforce in the process.
CEO Parag Agrawal told employees “once the deal closes, we will know what direction the platform will go,” on the matter.
Workers at the San Francisco-based company, the majority of whom are remote, expressed concern about widespread demoralization and layoffs on Twitter, in interviews, and in internal company messages. Some employees were already looking for ways out, which could cause havoc for Twitter users in the coming months.
Edward Perez, a director of product management, said in a tweet Monday that the company is facing a time of “genuine discomfort & uncertainty.”
“Most of us believe deeply that Twitter is much more than a tech platform; we have a deep responsibility to society. I hope our new owner gets that,” Perez said.
“I also just want to acknowledge all the emotions of today. It is an emotional day. I want to acknowledge it,” Twitter board member Bret Taylor recognized the emotional shock that he and others at the company experienced after Musk’s acquisition, “By law, we are required to act in the best interest of our shareholders,” he said.
Inside Twitter HQ as staff fear of what will happen.
Audio reveals reactions from Twitter workers have been shared by Project Veritas, as they panic over Elon Musk’s takeover.
Chief Marketing Officer Leslie Berland can be heard saying in the video clip, “Elon [Musk] made it clear in public that a large part of the reason he bought the platform was because of our moderation policies and disagreements in how we deal with health. This puts Twitter service and trust and safety, as well as anybody who cares about health on the platform in a very difficult position.”
Parag Agrawal Twitter’s CEO also expressed his emotion, “I believe Twitter grows as a service allows for more people to use the product and have a better experience because we are able to make the conversation on Twitter, be safe, because we have built tools, processes for people to be able to feel safe and control their experiences, I believe that there is a lot of work we have to do to continue making that better.”
“Sometimes that means more thoughtful moderation, Sometimes that means making things simpler. Sometimes that means changing product incentives to be able to solve problems through products, sometimes ensure policies,” he claimed.
Watch it here: Youtube/Project Veritas
Sources: Conservativebrief, Nymag, Washingtonpost