Twitter employees’ stock accounts locked by October 28 Deadline to close deal with Elon Musk: Report

Bloomberg news agency reported on Tuesday that Twitter had frozen employee equity awards accounts several days before the deadline to close the deal with Elon Musk, a sign that the social media firm hopes for a deal. will be successful.

Report sent Twitter shares rose 1.8% at $51.6 (or Rs 4,300), still well below Musk’s asking price of $54.2 (about Rs 4,500) per share.

MuskCEO of Teslaand Twitter were directed by a Delaware court to close the $44 billion (approximately 3,64,500 crore) deal on October 28. The deal was first announced in April.

The social media company updated its employee FAQ page this week to warn employees that they won’t be able to access or trade stocks from the Stock Awards Center, according to the company’s website. report.

The change was made “in anticipation of the end of a pending acquisition of Twitter by an entity controlled by Elon Musk,” according to the report, citing two people familiar with the change.

Twitter did not immediately respond to Reuters’ request for comment.

In May, Musk tried to back out of the settlement alleging that Twitter had underestimated bot and spam accounts on the social media platform, which started a series of lawsuits between the two parties.

Earlier this month, Musk reversed course and said he would continue the deal on the original terms, after which a judge halted the trial that had been scheduled for this week.

© Thomson Reuters 2022

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