With Musk bid back on, Twitter employees ‘just along for the ride’ By Reuters
Economy 15 minutes ago (Oct 05, 2022 03:30)
© Reuters. FILE PHOTO: Signage for Twitter is seen at the company?s headquarters in San Francisco, California, U.S. on April 25, 2022. Picture taken with a drone. REUTERS/Nathan Frandino
By Katie Paul and Sheila Dang
(Reuters) – Some Twitter employees were engaged in a company-wide planning process for next year on Tuesday when their phones began buzzing with news that Elon Musk had again reversed course in his on-again, off-again $44 billion bid to buy the company.
This time, the deal was on. The plans they were in the middle of presenting? Perhaps not.
One employee described a brief pause in a meeting to note the news, then continuing with discussions.
“I think everyone is used to the drama,” said the person. “We’re just along for the ride.”
Months of whiplash over the deal have left employees used to uncertainty, and many greeted the news of Musk’s proposal to return to his original offer with a sense of deja vu, three company sources who were not authorized to speak publicly
Since the world’s richest person disclosed in April that he had acquired a stake in the social media platform, Musk has accepted and rejected a seat on Twitter’s board, launched a bid to take the company private and tried to back out of the deal altogether.
The social media company is only pursuing about half the projects it normally would due to uncertainty about how many employees will flee, and to ensure it can deliver on commitments, one employee told Reuters.
Many blew off steam on the platform they run, tweeting about their confusion and perceived futility about planning for the future when Musk is expected to call for seismic shifts in how Twitter works.
“All of the frazzled nerves, all of the uncertainty, all of the worrying, all of the back and forth and back and forth, people I care about struggling and anxious,” tweeted JP Doherty, an engineering manager at Twitter.
“And we just come right back to where it started, maybe. Unbelievable.”
Multiple staffers tweeted a meme showing a paper labeled “2023 Planning,” with a cartoon character first exclaiming “woah” and then saying “this is worthless.”
Another meme popular with Twitter employees showed characters from the cartoon show SpongeBob SquarePants, with one labeled Elon and the other labeled Jack, for Twitter’s founder and former CEO Jack Dorsey, who publicly backed Musk’s bid.
The two stood smiling as buildings burned around them. “We did it Elon! We saved Twitter,” the caption said.
Some employees in Twitter’s internal Slack channel lamented they had sold some Twitter shares the day prior, before Musk’s return to the deal prompted the stock to surge more than 22%, according to a source.
Others expressed skepticism that Musk would ever make good on his offer, after so much uncertainty.
“Wouldn’t be surprised if it’s a delay tactic to get more time for trial discovery and he’ll back out again after a month or something,” wrote one employee on Slack.
With Musk bid back on, Twitter employees ‘just along for the ride’
By Scott Murdoch HONG KONG (Reuters) – Asian stocks rose on Wednesday as investors grew hopeful future global interest rate rises might become less aggressive amid early signs…
By Tom Westbrook SYDNEY (Reuters) – The dollar nursed its biggest losses for years on Wednesday, after a dovish central bank surprise in Australia had investors wondering whether…
DUBLIN (Reuters) – Ireland’s central bank pushed up its 2023 inflation projections and revised down its forecast for economic growth for the third quarter in row, but expects the…
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.