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Staff braces himself as outsider Musk grabs the Twitter wheel

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The tech world might offer some of Ireland’s most coveted jobs, but Dublin’s 530 Twitter workers get a close-up look at how a speeding Tesla can crash through the facade.

The future direction of the social media company is on the verge of major changes this weekend following Elon Musk’s bold bid. And Twitter employees will be keeping a close eye on the value of any stake they hold in the social media giant as they play a key role in tech compensation.

And all this is now dictated by the whims of the richest man in the world, a series fan of controversy.

It all started two weeks ago when Musk announced the purchase of 73.5 million shares — or 9.2 percent — of the social media giant’s common stock, becoming its largest shareholder.

Following the disclosure, it was widely believed that Musk would join the Twitter board.

Some analysts expressed concern about the move, but speculation seemed to have ended when CEO Parag Agrawal said Musk had decided against joining.

In what many commenters took as a reaction to the news, Musk tweeted a smirking emoji to his millions of followers without further comment.

Sometimes silence, or in this case a grinning emoji, can speak louder than words.

Last Thursday, the SpaceX founder and Tesla CEO made a daring $41 billion takeover bid on Twitter.

His takeover bid at $54.20 was a 54 percent premium to where the stock was trading in January, when Musk quietly set about building up his shares. With shares trading at an all-time high of $77 about 14 months ago, acceptance seemed unlikely for now.

In his filing with the Securities and Exchange Commission, Musk said he invested in Twitter because “I believe in its potential to be the platform for free speech around the world.”

He wrote that since making his investment, he no longer believes the company can fulfill this “social imperative.” The offer was his “best and last offer”. If rejected, he will reconsider his investment, he said. Musk added, “Twitter has tremendous potential. I will unlock it.”

At a Ted Talk in Vancouver on Thursday, Musk said Twitter needs to be privatized in order to grow. He said the move would help “civilization” and called for an end to the alleged “mysterious downgrading” of certain tweets.

The news that a Saudi prince, who is a major shareholder in the company, turned down his offer didn’t seem to shake Musk’s spirits. Undeterred, he claimed to have a plan B should his move to property go awry.

https://www.independent.ie/business/irish/staff-brace-as-maverick-musk-grabs-at-twitter-wheel-41557938.html Staff braces himself as outsider Musk grabs the Twitter wheel

Fry Electronics Team

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