Will Twitter improve under Elon Musk's ownership? Americans weigh in
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Twitter has reportedly frozen its employees' equity award accounts as the clock ticks down for Tesla CEO Elon Musk to close his $44 billion acquisition of the social media company.
According to Bloomberg, an FAQ page has been updated to notify Twitter employees that they will be unable to access or trade shares via the company's Equity Award Center. Sources told the outlet the change was made "in anticipation of the closing of the pending acquisition of Twitter by an entity controlled by Elon Musk."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 51.78 | +1.04 | +2.05% |
| Powered By | ||||
The move comes as a number of workers' restricted stock units are reportedly due to vest early next month. Bloomberg noted a number of employees plan to resign once they gain control of those shares.
A Twitter spokesperson declined to comment.
In April, Musk agreed to purchase the social media giant and take it private at $54.20 per share.
In July, the billionaire notified Twitter that he was planning to terminate the deal after claiming the company breached its obligations by misrepresenting the number of spam and fake accounts on the platform. Twitter maintains that spam and fake accounts make up less than 5% of its total users.
In response, Twitter filed a lawsuit against Musk, accusing him of refusing to honor his obligations under the...
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