Sources: at an all-hands, Twitter's top lawyer Vijaya Gadde said there is “no such thing as a deal being on hold” and execs said Musk's deal is moving forward
even as the Tesla founder tries to weasel out of the deal. https://www.thedailybeast.com/ ... Tero Kuittinen / @teroterotero : What is the vibe going to be when Elon walks to the first meeting with Twitter executives after he has been forced to buy the company? I'm guessing there will be no Entemann's mini donuts. https://twitter.com/... @nameshiv : been wondering why Musk has been melting down today and turns out he's now lost like 1/3rd of his wealth since he started this fiasco of a takeover and it's now almost certain that he will never own Twitter because he simply cannot afford it Casey Newton / @caseynewton : Original sources just walked this back to me, saying champagne *was not* popped. So sorry about that. 😞 But they report that morale is higher than it has been at any point since deal was announced. Kurt Wagner / @kurtwagner8 : Employees seem pleased! https://twitter.com/... @cesarvargas365 : A sigh of relief for all my friends at Twitter. This shit was stressing me out as well. Jdjrjrdhfurjr https://twitter.com/... James Ball / @jamesrbuk : This could get spicy 👀 https://twitter.com/... @carnage4life : Congrats to all of the Twitter shareholders especially employees who are about to be gloriously overpaid for their Twitter stock. https://twitter.com/... Emma Kinery / @emmakinery : Twitter's top lawyer and head of policy Vijaya Gadde: “no such thing as a deal being on hold” https://twitter.com/... Emma Kinery / @emmakinery : Twitter executives tell staff the company's deal with Elon Musk is not “on hold” as Musk claimed and moving forward as planned, say they won't renegotiate the takeover price https://www.bloomberg.com/... Ari Levy / @levynews : Wait wait wait.. you mean Elon doesn't get to make the rules? https://www.bloomberg.com/... Will Oremus / @willoremus : Elon's campaign to publicly troll and preemptively alienate the entire workforce of the company he's trying to buy was a bold strategy, Cotton. Let's see if it pays off for him. https://twitter.com/... Kurt Wagner / @kurtwagner8 : NEW: Twitter's @vijaya told employees today at an all-hands that there is “no such thing as a deal being on hold” - and also that Twitter won't renegotiate its sales price with Elon Musk $TWTR @mikeisaac : one thing i found interesting: execs answering questions about enforcement of the deal kept hammering the “specific performance clause” of the contract meaning there is an apparent willingness to take Elon to court if it comes to that definition below: https://www.nytimes.com/... https://twitter.com/... @fmanjoo : they're all twitter shareholders and they're getting (maybe!) a windfall from the world's richest man who's been taunting them for weeks, it's gotta feel like catharsis https://twitter.com/...
Bloomberg
Context & Ripple Effects
Twitter’s leadership is countering Musk’s public attempt to characterize the acquisition as paused, after he had floated a lower purchase price and Twitter’s CEO had detailed the company’s method for measuring spam accounts. Gadde had already been managing employee concerns about how ownership by Musk could change the company.
First-order effects
Twitter staff are being told to plan around the signed acquisition proceeding, rather than around Musk’s public statements about a pause.
Musk faces a clearer enforcement stance from Twitter: executives are pointing to the contract’s specific-performance provision as leverage to compel closing.
Second-order effects
Musk’s push for a price change and Twitter’s defense of its spam-account measurement become central bargaining and litigation positions, rather than merely public-relations disputes.
Twitter management must simultaneously preserve employee confidence and prepare for a contested closing, complicating decisions about staffing, moderation, and operations that Musk later discussed with employees.
Third-order effects
The episode illustrates how a buyer’s public objections can shift a signed acquisition from a financing event into a contract-enforcement contest, with disclosure claims and closing terms becoming negotiating leverage.
If this pattern persists in high-profile takeovers, target boards will place greater weight on provisions that preserve their ability to force completion when a buyer seeks to reopen agreed terms.
The trend: Musk’s Twitter pursuit is becoming a test of how strongly signed takeover agreements constrain buyers who seek to renegotiate after announcing a deal.
At a Twitter all-hands right now, execs told employees that they are not open to renegotiating the purchase price with Elon Musk. I'm told that champagne was popped in the New York office.
Another interesting bit from today's meeting: @vijaya talked about whether the company might try and legally force Musk to hold up his end of the deal. Said it would be “pretty rare” for it to get that far, but certainly not out of the question... https://www.bloomberg.com/... ht…
Remember that they, too, had been asked for comment YESTERDAY from the Insider re the sexual harassment story that broke before this meeting. https://twitter.com/...
Twitter's original founding team was like 40% anarchists or something. So “world's richest man forced to buy company at a ruinous price” would be an amazing finale. https://twitter.com/...
NEW from @Noah_Kirsch and me Twitter executives told employees today in an all-hands company meeting that they would not renegotiate the price of Elon Musk's takeover bid — even as the Tesla founder tries to weasel out of the deal. https://www.thedailybeast.com/ ...
What is the vibe going to be when Elon walks to the first meeting with Twitter executives after he has been forced to buy the company? I'm guessing there will be no Entemann's mini donuts. https://twitter.com/...
been wondering why Musk has been melting down today and turns out he's now lost like 1/3rd of his wealth since he started this fiasco of a takeover and it's now almost certain that he will never own Twitter because he simply cannot afford it
Original sources just walked this back to me, saying champagne *was not* popped. So sorry about that. 😞 But they report that morale is higher than it has been at any point since deal was announced.
Congrats to all of the Twitter shareholders especially employees who are about to be gloriously overpaid for their Twitter stock. https://twitter.com/...
Twitter executives tell staff the company's deal with Elon Musk is not “on hold” as Musk claimed and moving forward as planned, say they won't renegotiate the takeover price https://www.bloomberg.com/...
Elon's campaign to publicly troll and preemptively alienate the entire workforce of the company he's trying to buy was a bold strategy, Cotton. Let's see if it pays off for him. https://twitter.com/...
NEW: Twitter's @vijaya told employees today at an all-hands that there is “no such thing as a deal being on hold” - and also that Twitter won't renegotiate its sales price with Elon Musk $TWTR
one thing i found interesting: execs answering questions about enforcement of the deal kept hammering the “specific performance clause” of the contract meaning there is an apparent willingness to take Elon to court if it comes to that definition below: https://www.nytimes.com/...…
they're all twitter shareholders and they're getting (maybe!) a windfall from the world's richest man who's been taunting them for weeks, it's gotta feel like catharsis https://twitter.com/...