Yahoo Finance Engadget has been testing and reviewing consumer tech since 2004. Our stories may include affiliate links; if you buy something through a link, we may earn a commission. Read more about how we evaluate products.
No one knows what Musk's Twitter takeover means for the company
"We don’t know what direction this company will go in," Twitter's CEO told employees.
Even Twitter CEO Parag Agrawal doesn’t know what Elon Musk’s acquisition of the company means for the service or its employees. That’s the biggest takeaway from accounts of the company’s first all-hands meeting following news of the $44 billion deal.
Will Musk unban Donald Trump? Will there be layoffs? What about employees’ stock grants? For now, all those questions seem to be up in the air. Agrawal reportedly told employees there were no layoffs planned “at this time,” but acknowledged that he was also uncertain about the future. “Once the deal closes, we don’t know what direction this company will go in,” he said according to The New York Times.
Meanwhile, Twitter chairman Bret Taylor confirmed that the board will dissolve once the acquisition is finalized. The whole process could take another six months, Bloomberg reported. The deal has left many Twitter employees unsettled, and the company has reportedly “locked down changes to its platform through Friday,” in an effort to guard against “rogue” employees.
In announcing the deal, Musk outlined a number of changes he wanted to make, including ridding Twitter of spam bots and “authenticating all humans.” One person who hasn’t publicly weighed in yet is Twitter co-founder Jack Dorsey, who has previously endorsed Musk’s involvement with the company. In its statement, Twitter’s board of directors confirmed that its decision to accept Musk’s offer was unanimous, meaning Dorsey had also approved the deal.
Update 4/25 11:45pm ET: Jack Dorsey has weighed in on the deal, saying that "Elon is the singular solution I trust."
