The unexpected news about Musk today lands differently inside Twitter. After the announcement earlier this month that the richest man in the world intended to purchase Twitter, abandon its content moderation measures, and turn the publicly traded firm into a private one, employees said they stopped generally applauding the richest guy in the world.
Twitter said Monday that they have accepted Musk’s bid to purchase the firm for roughly $44 billion.
Even as Twitter was closing in to a deal with Musk on Monday morning, employees claimed they were angry that they had heard little from management about what it meant for them as the takeover struggle played out over the past two weeks.
Parag Agrawal, the head honcho, was questioned. They Tweeted questions to Musk himself. Some employees even sought guidance from Charles Schwab, the company that handled their stock options, to better understand how a sale of the company might affect them personally.
Eleven Twitter employees who wanted not to be named because they were not permitted to talk publicly said that they were not given many answers before Musk’s bid succeeded, despite the fact that it was becoming increasingly likely that they would soon be reporting to Musk.
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Agrawal informed staff on Monday that he would be holding an afternoon meeting to address their concerns. “I know this is a huge change and you’re undoubtedly contemplating what this means for you and the future of Twitter,” he wrote in an email to staff.
Mysterious layoffs: Twitter Employee Asks if He’s Fired, Musk laughs and Vanishes
A former Twitter employee went popular after tweeting that he was dismissed without being given any notice. He sought further explanation from Elon Musk. An entertaining back-and-forth on Twitter followed with the tech mogul.
The worker, who goes by the Twitter name “iamharaldur,” alleges he was left in the dark about his employment status for nine days. He was at a loss, so he went to Musk for advice. He even reached out to the Twitter elite for support in gaining traction and prompting Musk to act.
As a surprise to the worker, Musk replied to his tweet by inquiring about his progress. After hearing this, Musk laughed, which the worker attributed to Musk’s inherent humor. But, the employee’s luck suddenly changed when he received an email from Twitter’s head of HR stating that he had been terminated.
The worker appeared to take it in stride, understanding that employers are within their rights to terminate employment. His main concern was whether or not he would be paid in accordance with the terms of his contract.
Twitter Employees Search for Answers as Musk Takeover Becomes
In October of 2022, Elon Musk, a billionaire entrepreneur, made a hostile takeover of Twitter that cost him $44 billion. Since then, Twitter has reportedly reduced its headcount from roughly 7,500 a year ago to around 1,300 as the company’s new CEO has begun laying off people across the globe in an effort to reduce costs.
During this time, Icelandic businessman and (ex) Twitter employee Haraldur Thorleifsson contacted Musk to inquire about his employment status, as he had not received any official word from HR about his impending termination.
After that, the second-wealthiest guy in the world publicly roasted him, replete with a humorous video clip.
Thorleifsson, who uses the Twitter handle “Halli,” tweeted on Tuesday, tagging Musk, claiming he and over 200 other Twitter employees had their work computers locked down nine days prior. He was talking about the firings that happened at Twitter at the end of last month.
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Conclusion
To what extent Twitter employees’ salaries would be affected by Musk’s purchase is a major source of anxiety among them. For many Twitter workers, stock in the company accounts for half or more of their annual salary.
Workers were concerned about selling their shares at Musk’s price of $54.20 because they would lose out on the stock’s future growth potential.
Sean Edgett, Twitter’s general counsel, reassured staff by saying that any potential acquirer would likely be compelled to preserve employee equity “as is” or provide similar compensation, such a cash award.
Before the deal with Musk was publicly publicized, Edgett made some statements to the staff, emphasizing that they should not take his advice as knowing anything about the negotiations.
Messages he sent to staff were read by the Times, and he explained that the purpose of the memos was to “give some piece of mind and explain how these things generally function,” not because the company expected a particular conclusion.
