Elon Musk has acquired social media platform Twitter in a $44 billion deal. However, this acquisition is yet to get regulatory and shareholders’ approvals. Twitter tried every trick possible, including the much spoken “poison pill” in which existing shareholders were expected to prevent the deal from happening.
The deal has left the company’s employees anxious about what would happen next. They are concerned about possible layoffs that may happen after musk takes over.
“In this moment, we operate Twitter as we always have,” he said, adding that “how we run the company, the decisions we make, and the positive changes we drive — that will be on us, and under our control,” said Twitter’s India born CEO Parag Agrawal who took over the helm of the social networking giant just five months ago.
As per a Reuters news report, Musk in a securities filing on April 14 had said he did not have confidence in Twitter’s management.
According to research firm Equilar, CEO Parag Agrawal would get an estimated $42 million if he were terminated within 12 months of a change in control at the social media company.
This estimate includes a year’s worth of Agrawal’s base salary plus accelerated vesting of all equity awards, based on Musk’s offering price of $54.20 per share and terms in the company’s recent proxy statement.
Agrawal told employees that he estimated the deal might take three to six months to complete, according to The American daily, which listened to the meeting.
Agrawal is “expected to remain in charge at least until the deal closes,” as per a New York Times report.
The 37-year-old CEO told employees that their stock options would convert to cash when the deal closes. Employees would receive the same benefits packages for a year after the deal was finalised, as per the report.
“The world is watching us right now, even more than they have before. Lots of people are going to have lots of different views and opinions about today’s news. It is because they care about Twitter and our future, and it’s a signal that the work we do here matters,” he said.
