Twitter CEO Parag Agarwal is trying to allay employees' fears in the wake of Elon Musk's کوشش 43 billion bid for a social media company.
In an all-staff meeting on Thursday, Agarwal said Twitter's board was considering Musk's offer and would work in the best interests of the company's shareholders, according to the two employees who attended.
When an employee suggested that Musk's aggressive acquisition bid sounded like a hostage situation, Agarwal dismissed the idea.
"I do not believe we are being held hostage," Agarwal said in a statement.
After the meeting, many people became frustrated, saying that they felt they were being left in the dark about what was really going on, and that Twitter, owned by Musk, was, for some, a nightmare. The letter represents Musk's long history as an unstable business leader.
"The culture here and this platform deserves to be preserved, and I hope the board will act bravely and reject the offer," a Twitter employee said on condition of anonymity. "Our democracy is more important than salary," he said. "I hope the board agrees."
But the Twitter worker added: "It feels like we can't do much as employees," the man said.
Musk revealed his interest in buying Twitter on the first day by filing with the Securities and Exchange Commission, saying the acquisition depended on "completion of the expected financing".
This was unusual, analysts noted, because an investor who monitors takeovers usually discloses financing with a bid.
Musk said at the TED2022 conference in Vancouver, British Columbia, "I'm not sure I'll ever get it, which was the first time he had made his Twitter purchase public.
When asked if "Plan B" was, if his capture failed, he said "there," but declined to give further details.
Musk's bid could attract other potential Twitter buyers.
Musk's offer of $ 54.20 per share is 38% higher than the Twitter stock price, which was publicly announced the day before and 18.2% higher than Wednesday's closing price.
Musk tweeted on Thursday afternoon that "it would be totally unacceptable not to put this offer on the shareholder's vote." "They own the company, not the board of directors."
Twitter's stock closed at 1.35% on Thursday, much lower than the price offered by Musk, however, suggesting that investors may be skeptical of the billionaire's bid.
Saudi Arabia's Prince Alwaleed bin Talal, a longtime Twitter shareholder, tweeted on Thursday that Musk's offer did not come close to the company's "internal value" and said he would reject it. Musk responded on Twitter by asking the question: "What are the monarchy's views on journalistic freedom of expression?"
But Musk's approach could open the door to other interested buyers who have their own designs on Twitter, said Scott Kessler, an analyst at research firm Third Bridge.
"It's probably the beginning of a process, and it doesn't have to start and end with Elon Musk," Kessler said.
However, Wedbush Securities analyst Dan Eves wrote in a note to clients that he expects Musk to succeed.
"It will be difficult for any other bidder / consortium to emerge and the Twitter board may be forced to take an active action to accept this bid and / or sell Twitter," Ives said.
Still, there are unanswered questions, including how Musk will balance his time when he is already CEO of Tesla and SpaceX, and how he will finance his cash offer. ۔ Most of its 6 266 billion fortune is held in shares of Tesla. Selling some of its shares could affect Tesla's value.
From the loudest Twitter user to the owner
Takeover Bid is the latest twist in two wild weeks for billionaires and social media platforms.
On April 4, Musk revealed that he was buying shares of Twitter and became its largest individual shareholder. (Earlier this week, a Twitter shareholder filed a securities fraud lawsuit against Musk, alleging late disclosure of investors' money in the value of its shares, and fined Musk about 143 million. Saved.)
Tesla's CEO is both a capable Twitter user and a vocal critic, so his investment immediately raised questions about his intentions. A few weeks before his bet came to light, he publicly questioned Twitter's commitment to freedom of expression and considered creating a rival social network.
The next day, Twitter CEO Agarwal announced that Musk would join the company's board - and agreed to limit how much Twitter stock he could buy. The two men said they look forward to working together on the future of the company.
But those plans quickly fell through. Over the weekend, Musk announced on Twitter that he would not be joining the board, a decision Agarwal called "for the best."
Before his face became public on Sunday night, Musk spent most of the weekend tweeting suggestions, criticisms and jokes about Twitter. "Is Twitter dying?" He asked in a tweet, noting that most of his followers, such as Barack Obama and Katy Perry, rarely tweet.
Musk's self-proclaimed free speech is absolute.
Although it's not clear why Musk changed his mind about joining the board, in his filing Thursday, he doubled down on his view of Twitter's role in society - and to make it felt. What is the need.
He wrote in a letter to Twitter Chairman Brett Taylor, "I have invested in Twitter because I believe in the potential to be a platform for free speech around the world, and I believe that free speech is an active A society is essential to democracy. " "However, now that I have made my investment, I realize that the company will neither grow in its current form nor meet this social need."
Musk has described himself as a "free speech dictator" and criticized Twitter's rules on what people are allowed to say on the site.
Musk's other suggestions for Twitter include opening the "black box" of the social platform's algorithm to make it more transparent about promoting or releasing tweets. At the TED event, he said that this automatic process of secrecy is "quite dangerous".
"I don't like to lose": Musk
But Twitter, which has far fewer users than social networks like Facebook and TikTok, is also under pressure to grow its business. Changing its policies against content such as hate speech and false claims about COVID can be a turn off for consumers and advertisers.
"This is a money-making platform where your ideas are promoted if they are going to help the company make money," said Karen Kornblo of the German Martial Fund, which studies misinformation online.
"When you ask people to vote, they say they want moderation, that they don't want free conspiratorial ideas on their platforms, that they don't want to be harassed," he said. "So I think it's a misunderstanding of what people want."
At Thursday's TED conference, Musk said his interest in Twitter was not about economics or making money. "Twitter has somehow become a de facto town square," he said. "So it is very important that people have both the truth and the understanding that they can speak freely within the limits of the law."
Comments
Post a Comment
Thank you for visiting www.khabarnaihai.com
If you have any suggestion or question then please do let us know. leave a comments or do eMail at [email protected]
Best Regards;
MsunTV