Skip to content

Twitter Freezes Employee Shares Days Before Closing Deal with Elon Musk

Twitter, El American

Leer en Español

There are ten days left to seal a deal with Elon Musk, while Twitter froze stock award accounts for employees, according to a Bloomberg report.

The platform updated its employee FAQ page to inform staff members that they will not be able to make moves with their shares from the Equity Award Center.

Sources consulted by Bloomberg explained that the move comes “in anticipation” of the closing of the buyout deal with Tesla’s owner, and that the restricted shares will be awarded to Twitter workers in early November.

Some of the employees are reportedly looking for other jobs with the goal of resigning when the shares are released, according to sources. The buyout process has caused concern among workers about possible payroll cuts.

End of the Musk vs. Twitter saga

The update, according to the report, indicates that the stock freeze will make possible “final reconciliation of employee accounts prior to close of the acquisition”

The deadline for the closing of Musk’s full purchase of Twitter is next Friday, October 28, at $44 billion, the amount agreed to in Musk’s initial offer in April.

Musk’s acquisition will come after a short legal battle in which the entrepreneur accused Twitter of declaring to authorities misleading information regarding the number of bots or fake accounts active on the platform.

Tomás Lugo, journalist and writer. Born in Venezuela and graduated in Social Communication. Has written for international media outlets. Currently living in Colombia // Tomás Lugo, periodista y articulista. Nacido en Venezuela y graduado en Comunicación Social. Ha escrito para medios internacionales. Actualmente reside en Colombia.

Leave a Reply