While many Twitter users celebrated Elon Musk’s $41billion hostile takeover attempt of the social media giant, the company’s often progressive workforce bemoaned the potential buyout.
Twitter confirmed on Thursday that it had received the offer, saying in a statement: ‘The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.’
Musk, 50, insisted that his bid was his ‘best and final offer’, adding that ‘if it is not accepted, I would need to reconsider my position as a shareholder,’ a regulatory filing showed.
His offer price of $54.20 per share represents a 38 percent premium to the closing price of Twitter’s stock on April 1, the last trading day before the Tesla CEO publicly revealed his 9.2 percent stake in the company, sending the stock popping.
The offer figure also includes the digits ‘420,’ a reference to marijuana that Musk frequently jokes about.
Haraldur Thorleifsson, a Twitter team lead who criticized Musk in the past despite having ‘made me a lot of money,’ merely said ‘just go to therapy dude’ in response to the news.
Miguel Barreto, a senior software engineer, went further, saying, ‘I may have to rethink my employment if that actually happens.’
Menotti Minutillo, a privacy engineer, joked ‘first day of my PTO’ before adding more seriously: ‘It is important to make deliberate space for folks to talk about extraordinary events – leaders, don’t be afraid to address the clown in the room.’
While many Twitter users celebrated Elon Musk’s $41billion hostile takeover attempt of the social media giant, the company’s often progressive workforce bemoaned the potential buyout
Ian Brown, a former Twitter employee, put it more succinctly: ‘Every clown out there thinks they can drive the clown car better than the clowns currently behind the wheel.’
Celebrities, particularly conservatives, were all the more positive about the potential takeover.
Sebastian Gorka, a former advisor to President Donald Trump, wrote that ‘Elon is the G.O.A.T.’, which stands for ‘greatest of all time.’
Barstool CEO Dave Portnoy added: ‘So Elon offered 41 billion to buy all of twitter. Now the Board decides if they want to sell it to him? It’s a no brainer offer and they’d all make a s–t ton. The only reason to say no is cause they don’t like him right?’
Even liberal comedian Michael Ian Black saw the positives, writing: ‘Honestly, let Elon destroy Twitter – he’d be doing me a favor.’
Last week, after news broke of the Tesla CEO’s $3billion investment in the platform, employees took to Twitter issuing messages of both serious uneasiness and mockery.
‘Good morning to our new overlord!’ Lara Cohen, the company’s Global Head of Partners, tweeted.
Company researcher Matt DeMichiel shared a meme featuring rapper Drake that seemingly implied Musk would move the company’s focus from growth, product innovation and sustainability to ways to further financial success.
The billionaire, who initially filed a Securities and Exchange Commission (SEC) disclosure document intended for passive shareholders, filed a second form Tuesday indicating that he invested in the platform with the goal to evoke change.
The new filing, which was obtained by DailyMail.com, revealed Musk began purchasing Twitter stock on January 31 and continued to buy shares during every trading session through April 1.
Twitter announced that Musk would hold a seat on the company’s board of directors until the platform’s 2024 annual shareholders meeting.
Twitter employees are voicing their concerns after Elon Musk vowed to make ‘significant improvements’ to the social media platform as a company board member and majority shareholder, admitting his investment in the company was not passive
In exchange, Musk – either alone or as a member of a group – is not allowed to push his stake in the company past 14.9 percent during the duration of his board membership and for 90 days after, according to Tuesday’s SEC filing.
However, Twitter employees appeared worried about company operations and values now that Musk seemingly holds significant weight in the company.
Michael Sayman, a company product lead, took to the platform to share a meme allegedly depicting the next company board meeting.
The post featured a group attending a meeting with Wario, the antagonist in Nintendo’s Mario series, sitting at the head table. The meme was captioned: ‘Twitter’s next board meeting’.
DeMichiel, who shared the Drake meme, also responded to a commenter asking if employees were required to include Musk on all work-related communications.
He answered: ‘That and all email signatures have to link to Tesla’s website.’
Although most responses featured targeted sarcasm, EJ Samson, a member of the platform’s marketing team, issued a more neutral response, questioning Musk’s role at the company.
Retweeting a poll the SpaceX CEO had posted asking if users wanted an edit button, Samson replied, via meme: ‘What is happening?’
Lara Cohen, the company’s Global Head of Partners, compared Musk to a feudal lord
Company researcher Matt DeMichiel shared a meme featuring rapper Drake that seemingly implied Musk would move the company’s focus from growth, product innovation and sustainability to ways to further financial success
DeMichiel also responded to a commenter asking if employees were required to include Musk on all work-related communications
Haraldur Thorleifsson, a Twitter team lead, referenced how Musk’s stake and board membership prompted a surge in the company’s stock value
Michael Sayman, a company product lead, compared Musk to Wario, the antagonist in Nintendo’s Mario series
EJ Samson, a member of the platform’s marketing team, seemingly questioned Musk’s role at the company
Twitter stocks have surged since mid-March when Musk purchased his stake
Musk issued several polls to his millions of followers on the social media platform on Saturday.
The outspoken Tesla CEO, known for his social media antics, initially asked if he should transform the company’s Silicon Valley headquarters into a homeless shelter, before suggesting the removal of the letter ‘w’ in Twitter.
In the first post, Musk – who purchased a 9.2 percent stake in the social media giant earlier this week and was subsequently named to the company’s board of directors – seemingly took aim at the company’s lax remote working policies, saying he came up with the plan ‘since no one shows up anyway.’
So far, the results of the 24-hour poll, posted at 9:30 PM ET by the billionaire businessman, suggests overwhelming support for the prospective undertaking – with 91.1 percent of more than 923,459 respondents voting in favor of the plan.
The second tweet about deleting ‘w’ saw Musk give two options without no as an answer, with 55.8 percent saying ‘yes’ and 44.2 percent ‘of course’ of 445,158 votes to-date.
It comes weeks after Twitter brass – who offered staffers the option of working from home ‘forever’ during the pandemic – reopened its offices March 15, with remote work remaining an option for staffers.
In the first post, Musk seemingly took aim at the company’s lax remote working policies, saying he came up with the plan ‘since no one shows up anyway.’ So far, 91.1 percent of 923,459 respondents voted in favor of the plan
The second tweet about deleting ‘w’ saw Musk give two options without no as an answer, with 55.8 percent saying ‘yes’ and 44.2 percent ‘of course’ of 445,158 votes to-date
Musk became the company’s majority shareholder this week after it was revealed he purchased a 9.2 percent stake in the social media giant earlier this week and was subsequently named to the company’s board of directors
‘It’s been almost two years since we closed our offices and travel and I’m excited to announce that we’re ready to fully open up business travel and all our offices around the world!’ Twitter CEO Parag Agrawal wrote in a note to employees posted to Twitter March 3.
‘Business travel is back effective immediately, and office openings will start on March 15,’ the exec wrote.
In the statement, Agrawal, who was promoted to CEO of the San Francisco-based company in November, said that he would be honoring a policy put in place by former head exec Jack Dorsey during the early days of the pandemic, that said staffers could work remotely ‘forever’ if they wanted to.
‘Our top priority since the beginning of the pandemic has been to keep you all safe and this will continue,’ Agrawal wrote.
‘Now we are returning to a stage where you’re living your lives, adjusting to local health guidelines, and deciding what works best for you.
‘So, the decisions about where you work, whether you feel safe travelling for business, and what events you attend, should be yours,’ the exec added, in a sentence this time set in bold.
‘As we open back up, our approach remains the same,’ Agrawal, 37, went on.
‘Wherever you feel most productive and creative is where you will work and that include working from home full-time forever,’ the CEO wrote, in another bolded sentence.
‘Office every day? That works too. Some days in the office, some days from home? Of course.’
Agrawal, however, warned that ‘distributed working will be much, much harder’ and said ‘there will be lots of challenges’ amid the new policy.
Agrawal went on to tout the advantages of having staffers in the same physical space, where they can experience the ‘company culture,’ and said that visits to the office will ‘bring that culture to life in such a powerful way.’
The CEO then provided a signoff that seemed hopeful of staffers’ desire to return to in-person work.
‘I look forward to seeing you all back at the office or perhaps at an event, somewhere in your home city, or mine?’
‘Cant’ wait… Parag.’
The post from Muck comes weeks after Twitter CEO Parag Agrawal announced the company would be reopening its offices March 15, with remote work remaining an option for staffers. During the pandemic, the company offered staffers the option of working from home ‘forever’
In the statement, Agrawal, who was promoted to CEO of the San Francisco-based company in November, said he would be honoring a policy put in place by former head exec Jack Dorsey during the early days of the pandemic that allowed staffers to work remotely indefinitely
More than a month later, as Silicon Valley’s tech workers are starting to filter back to the office as Covid-19 cases plummet, it looks as if the CEO’s faith in staffers’ desire to return to work in-person was misplaced – something new board member Musk seemed to hone in on with his evidently mocking post.
Google, for instance, told employees last month that it would begin requiring employees to return in person at least three days a week – a policy that went into effect this past week
Apple similarly announced that by April 11, employees will have to work from the office at least one day a week.
Twitter, meanwhile, has not issued any in-person requirements for its staffers – a decision Musk seemingly panned in his post.
Staffers at the San Francisco-headquarter company now have the option to come into the office – a policy Musk seemingly took aim at with the Saturday poll. Pictured is Twitters San Francisco office last summer
Prior to posting the poll, Musk also suggested further changes to Twitter’s business models in a series of tweets suggesting tweaks to the platform’s premium Blue service, including a cheaper subscription price, banning ads and offering the option to pay in cryptocurrency.
The service, which offers users access to additional features, like an undo button and ad-free news articles, currently costs $2.99 a month.
‘Price should probably be ~$2/month, but paid 12 months up front & account doesn’t get checkmark for 60 days (watch for credit card chargebacks) & suspended with no refund if used for scam/spam,’ Musk wrote Saturday.
‘And no ads,’ the South African mogul added. ‘The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.’
Musk also declared that ‘Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark.’
Prior to posting the poll, Musk also suggested further changes to Twitter’s business models in a series of tweets suggesting tweaks to the platform’s premium Blue service, including a cheaper subscription price, banning ads and offering the option to pay in cryptocurrency
Despite the fact that Twitter claims policy decisions are not determined by board members or shareholders, millions of investors flocked to Twitter’s stock after Musk disclosed his 9.2 percent stake in the company.
The stock became the most bought U.S. stock by retail investors on Monday, surging 27 percent in value.
Stock prices rose by more than three percent, to 50.98, on Tuesday after news of Musk’s board appointment. The stock was trading at around 39 on Friday.
However, Wall Street analysts allege the Musk-fueled buzz around Twitter is a ‘bit extreme,’ given that the platform’s fundamentals and challenges ‘remain broadly the same’.
Jeffries equity analyst Brent Thill told Fox Business the stock’s gain was a ‘potential overreaction given the unclear rationale behind Musk’s $3.7B investment.’
Bernstein analysts Mark Shmulik and Toni Sacconaghi Jr. told the news outlet they believe Musk’s interest in Twitter was ‘mainly personal and nothing more than a potential distraction.’
‘We view the interest as a potential distraction for Musk and TSLA shareholders, given that Musk is arguably already overcommitted, and his fervor for the topic of censorship/free speech is high,’ the pair reportedly wrote their clients Tuesday.
‘The magnitude of the pre-market stock move speaks volumes of an investor base eager for any positive jolt, as the stock was previously around IPO levels. Some investors are certainly hoping for a sale, but we believe the stock move is likely an overreaction for this broadly speculative possibility.’
Musk has developed a loyal following of investors who stuck with his company Tesla Inc for most of the past decade while it was still struggling to streamline production of electric cars and make them affordable. Tesla is now among the world’s most valuable companies with a market capitalization of more than $1 trillion.
Musk, who is also behind other ventures such as rocket maker SpaceX, is the world’s richest person with a net worth pegged by Forbes at $290billion.
The entrepreneur’s popularity with retail investors was one of the reasons why Twitter agreed this week to offer him a seat on its board of directors, sources familiar with the matter told Reuters.
Musk and Twitter did not respond to requests for comment.
Musk initially filed a 13G ownership disclosure document with the SEC on Tuesday, which is reserved for passive shareholders. Later, following the announcement of his board seat, Musk filed a 13D form (pictured), confirming his intentions to be active in Twitter’s business
The 13D filing, which was obtained by DailyMail.com, revealed that Musk began purchasing Twitter stock at the end of January and continued to do until April 1
News of Musk’s board seat came amid allegations he broke SEC rules after missing the ownership-disclosure deadline for his stake in Twitter.
According to an SEC 13G filing obtained by DailyMail.com Tuesday, Musk purchased 73.5 million shares of the platform on March 14, worth about $3billion. A SEC 13G filing is reserved for passive investors.
Tax experts argued the SpaceX CEO had left himself open to penalties of up to $207,183 after he failed to submit the ownership acquisition disclosure late within 10 days of acquiring 5 percent of the company, as required by U.S. securities law.
Musk should have disclosed his shares by March 24 but didn’t sign the filing until 21 days after his purchase. He also failed to include a certification indicating he didn’t acquire his stake in Twitter to change or influence control of the company, as is typically done when filing a 13G report, The Wall Street Journal reported.
Instead of including the certification in his form, Musk simply wrote: ‘Not applicable’.
His largest purchase occurred on February 7 when he acquired more than 4.8 million shares, worth approximately $176million.
Twitter closed at its 2022 low point on March 7 when shares were trading at $32.42 each. They had ended January at $37.51 and have significantly surged in the wake of the news surrounding Musk’s involvement with the platform.