Twitter says sale to Elon Musk is going on despite ‘pending’ tweet

  • Twitter executives took some time to “reassure” employees that the sale to Elon Musk was moving forward.
  • The overall message was that the contract was moving forward unchanged.
  • Executives earlier laid out parts of the contract that would be enforced to close the deal.

Elon Musk is still buying Twitter for $44 billion and the deal to do so is not “pending,” according to company officials who addressed employees at another meeting Thursday.

During the sweeping meeting, which a person in attendance described as shorter than similar meetings in recent weeks, CEO Parag Agrawal and chief legal officer Vijaya Jade took the time to “reassure” employees that Musk’s $44 billion acquisition of the company was moving forward.

“There was nothing about changing the price but they were reassuring across the board,” the person said. The person added that the overall message is that the deal is moving forward unchanged.

Another person who attended the call said the executives reiterated the applicable merger contract, including the price, with Musk and would ensure the deal “goes through.”

The meeting came in response to a late-night tweet by Musk last week that his deal to buy Twitter was “temporarily on hold” as he insisted on more information supporting the platform’s claim that fake accounts make up less than 5% of its 230 million accounts. users. Shortly after the meeting, Musk posted on Twitter able About “bots” or fake accounts that seem to make it clear that he’s not giving up on the idea that bots make up more of Twitter than previously thought.

In a previous call with employees that Insider reported, Gadde clarified some of the details in the agreement drawn up to secure the sale. A $1 billion termination fee is included in the contract, which states that Musk and Twitter will need to pay if either side reneges on the deal as an “incentive to fulfill the contract.” She added that the contract itself is tight, and has “very strong requirements to do”.

“There is a clause in the contract that says Twitter can file a lawsuit to enforce the contract,” Jadid said. “So, as we say, it’s not just about termination fees. It’s all provisions and how they play together to achieve the certainty of the deal.”

A listener said there was no mention of a lawsuit during Thursday’s phone call. Legal experts told Insider that if a lawsuit were filed, it would be particularly chaotic.

Such meetings have become a regular occurrence for Twitter workers since Musk revealed in April his intention to acquire Twitter after it became public that he was building his investment in the platform. Since the acquisition was unanimously approved by the board of directors, including founder and former CEO Jack Dorsey, Twitter has already begun to change. Senior managers have been laid off and hiring has been frozen as the company tries to cut costs, Insider reported last week.

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