Elon Musk ends his deal on Twitter: work is preparing for the “circus”

Twitter Inc employees expressed disbelief and exhaustion on Friday after billionaire entrepreneur Elon Musk said he was ending a deal to buy the social media company in what could be the start of a month of legal wrangling .

Musk said Twitter violated several provisions of a $44 billion merger deal struck in April, including failing to provide enough spam account data and letting go of some executives and recruiters. Twitter’s chairman said the board plans to take legal action to enforce the agreement.

Engineers, marketers and other company personnel quickly took to Twitter to publicly post memes, such as a roller coaster ride and a baby crying into a phone, in an apparent comment on the latest development of Musk’s Twitter courtship since January. Others joked about the impossibility of breaking their own personal commitments.

Employees have expressed widespread concern over Musk’s takeover of Twitter due to his preferences for reducing staff numbers and other costs, reducing content moderation and limiting remote working.

But Musk’s now rescinded offer also marks a 36% premium https://tmsnrt.rs/3aoza2X for the company’s stock and could mean a big payday for employees and other shareholders. After months of constant headlines, a Twitter employee told Reuters on Friday that he only felt more tired from the road ahead.

“I just don’t believe it’s actually over,” the employee said on condition of anonymity.

Amir Shevat, whose Twitter bio says he works on the company’s development products, posted on the service shortly after Musk’s termination announcement, “End of first season – what a cliffhanger … »

Jared Manfredi, whose profile says he works on iOS products on Twitter, wrote: “If only this wasn’t the start of a long legal battle that will eventually lower the purchase price and continue the circus for another indefinite amount of time. »

Reuters could not independently verify the information in their profiles and did not immediately respond to requests for comment via private messages.

Twitter told employees last month it was on track to increase the number of users who see ads by 13 million in the just-ended second quarter, the highest goal it has ever seen. he ever fixed. Twitter has not yet announced second quarter results.

Musk, who is chief executive of automaker Tesla and rocket company SpaceX, told Twitter staff later that month on a video town hall that he wanted to grow the company to at least $1 billion. users against 229 million. He also told them that users should be allowed to post “pretty outrageous things”.

Musk, a prolific Twitter user, said owning a social media service could make it more entertaining and keep it as an essential public forum.

Its attorney in a regulatory filing said Friday that Twitter violated a provision of the agreement to “preserve the material components of its current business organization substantially intact” by firing two managers, laying off part of its acquisition team from talents, by introducing a hiring freeze, by canceling job offers and reports the resignations of three department heads.

Twitter had over 7,500 employees at the end of 2021.

(Reporting by Sheila Dang in Dallas and Katie Paul in Palo Alto, Calif.; Writing by Paresh Dave; Editing by Lisa Shumaker)

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