Lauer was talking about Twitter’s iconic 140-character limit for tweets, which had been around since the company’s founding. “Is it staying? And if it’s going away - when?” As the camera panned toward Dorsey - dressed in slim black jeans, a black sweater and bright orange high-tops - host Matt Lauer jumped in with a question. It was March of 2016, and Dorsey was making an appearance on NBC’s “The Today Show” to celebrate Twitter’s 10th anniversary. The broader market is way down too but that’s still ten dollars below Musk’s offer price, indicating lingering skepticism that the deal will get done.Twitter CEO Jack Dorsey surprised everybody. Shareholders are suing Musk over the late disclosure.Ī separate lawsuit by the Orlando Police Pension Fund in Delaware Chancery Court says that Delaware law forbids a quick merger in this case because of Musk’s agreements with other big Twitter shareholders, like his financial adviser Morgan Stanley and ally and Twitter founder Dorsey, to support the buyout - making him the effective owner of more than 15% of the company. He also likely reaped significant savings on stock purchases over that period since news of his interest would have boosted the share price. Musk filed his form April 4, at least 10 days after his stake surpassed the trigger point. The rule is clear and functions as an early alert to shareholders/companies that someone has a significant stake and may challenge management. Investors must file publicly with the SEC when they buy more than 5% of a company’s shares. He had previously acquired 9.2% of the company.Īccording to a WSJ report, the SEC is probing the timing of Musk’s disclosures of his Twitter stock purchases as he built up his stake. Twitter’s board of directors accepted Musk’s $54.20 a share cash bid, about $44 billion, for the company last month after he teamed up with a handful of big investors to raise cash. Twitter Sued By Music Publishers For Copyright InfringementĪgrawal, a software engineer and Twitter’s former chief technology officer, took over as CEO from Jack Dorsey last November. Parag asked me to leave after letting me know that he wants to take the team in a different direction.īruce Falck, the general manager of revenue and head of product for its business side, is also gone.Ī Twitter spokesperson said that effective this week, Twitter is also pausing most hiring and backfills, except for business critical roles, and pulling back on non-labor costs “to ensure we are being responsible and efficient.” Hiring freezes aren’t unusual ahead of a likely change in control. The truth is that this isn’t how and when I imagined leaving Twitter, and this wasn’t my decision. “It’s not how and when I imagined leaving Twitter, and this wasn’t my decision.” Twitter CEO Parag Agrawal has cut loose two top executives and announced a hiring freeze ahead of the company’s acquisition by Elon Musk, whose share purchases are reportedly being investigated by the SEC.Ĭonsumer product chief Kayvon Beykpour tweeted today that “Parag asked me to leave after letting me know that he wants to take the team in a different direction.”
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