Twitter CEO tells staff the board continues to be comparing an Elon Musk takeover -MyCyberBase

Twitter CEO Parag Agrawal informed staff Thursday that the corporate was once nonetheless comparing a $43 billion offer by Elon Musk to shop for the corporate and take it personal, environment the degree for a probably drawn-out feud with the arena’s richest particular person.

After clips of the songs “I Say A Little Prayer” and “I Need It That Method” by means of the Backstreet Boys performed, Agrawal introduced right into a 25-minute Q&A consultation with staff Thursday, in line with an individual in attendance. He didn’t say when the board would have a solution to Musk’s be offering or which manner it was once leaning, irritating some who anticipated a extra detailed clarification. The board would practice a “rigorous procedure” and come to a decision “in the most productive passion of our shareholders,” he stated.

Agrawal, who took over as CEO of Twitter ultimate November for Jack Dorsey, fielded considerations from staff about the way forward for the social community if Musk had been to take it over. A minimum of one worker requested about the potential of long run layoffs, which Agrawal stated wouldn’t be dictated by means of particular person efficiency scores. In line with some other query about what would occur to worker inventory choices if Twitter was once taken personal, he stated it was once too early to invest. The emergency name was once held right through a “center of attention week” for Twitter staff, wherein they’d Monday off and had been inspired to be heads-down on tasks and take few conferences.

Previous to the assembly, Musk had criticized the possibility of board motion in opposition to the deal, pronouncing it “can be totally indefensible to not put this be offering to a shareholder vote.” In an interview previous within the day at the TED 2022 conference in Vancouver, Musk stated his bid wasn’t about creating wealth and that he didn’t “care concerning the economics in any respect.” As an alternative, he stated he sought after Twitter to offer protection to “loose speech” and open up its set of rules to outdoor scrutiny.

In combination, Agrawal’s remarks recommend Twitter won’t bend to Musk’s whims easily and {that a} messy, Succession-style company fight may just play out within the coming days. Twitter’s board may just make a choice to box different provides for the corporate or adopt a poison pill — a not unusual technique for refuting opposed takeover makes an attempt. Musk, in the meantime, informed the target market at TED on Thursday that he had a “plan B” must Twitter reject his be offering.

Even though Twitter succeeds in protecting in opposition to Musk this time, staff are already questioning if it could resist long run takeover makes an attempt. At one level right through the all-hands, Agrawal demurred when an worker requested: “Are we simply going to begin inviting any and all billionaires to our board?”