Twitter has sent out a company-wide memo to employees asking them to refrain from commenting/Tweeting on Elon Musk’s Twitter deal. The memo was issued just hours after Tesla CEO Elon Musk sent notice to Twitter that he wants out of his $44 billion deal to purchase the company. In a filing on US’ Securities and Exchange Commission (SEC) on July 9, Musk’s team claimed that he is terminating the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations. “For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,” Musk’s legal team writes. Twitter, however, still hopes to close the deal. Here’s the memo sent by Twitter to its employees as it appeared on The Verge website.
Team,
Today we received a notice of purported termination from Elon Musk, and the Twitter Board issued the following statement in response (see our Chairman Bret Taylor’s Tweet here):
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
Given that this is an ongoing legal matter, you should refrain from Tweeting, Slacking, or sharing any commentary about the merger agreement. We will continue to share information when we are able, but please know we are going to be very limited on what we can share in the meantime.
I know this is an uncertain time, and we appreciate your patience and ongoing commitment to the important work we have underway.
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