Twitter CEO Parag Agrawal is attempting to allay staff anxieties after Elon Musk’s aggressive takeover bid of the social media business for $43 billion.
According to two workers in attendance at Thursday’s all-staff meeting, Agrawal said that Twitter’s board of directors is examining Musk’s offer and would act in the best interests of the company’s shareholders.
When an employee indicated that Musk’s aggressive purchase attempt resembled a hostage scenario, Agrawal laughed.
According to the workers, Agrawal said, “I do not think we are being kept prisoner.”
Many attendees expressed dismay after the meeting, claiming they were kept in the dark about what was actually happening and that a Musk-owned Twitter represented a nightmare scenario for some, given Musk’s lengthy history as a volatile corporate leader.
“The culture at Twitter and the platform need to be safeguarded, and I hope the Board does the courageous thing and rejects the offer,” one Twitter employee, who requested anonymity, said. “Our democracy is more valuable than a monetary reward,” one employee said. “I’m hoping the Board concurs.”
However, one Twitter employee noted, “It does seem like there isn’t much we can do as workers.”
Musk expressed his interest in acquiring Twitter earlier in the day through a tweet referencing a Securities and Exchange Commission filing noting that the purchase was contingent on “completement of expected finance.”
Analysts remarked that this was uncommon, since an investor considering a takeover normally reveals finances with an offer.
“I’m not sure I’ll be able to buy it,” Musk remarked at his first public appearance since announcing his Twitter acquisition.
When asked whether he had a “Plan B” in case his takeover failed, he said, “There is,” but declined to elaborate.
Musk’s proposal may entice further prospective Twitter purchasers.
Musk’s bid price of $54.20 a share is 38% more than the value of Twitter stock the day before his investment was disclosed publicly and 18.2 percent higher than Wednesday’s closing price.
“It would be completely unjustifiable not to bring this offer to a vote of shareholders,” Musk tweeted Thursday afternoon. “They, not the board of directors, own the corporation.”
