While the acquisition of Twitter is currently on hold by Elon Musk, the leaders of the social network ensure that they are doing what is necessary to conclude the operation as quickly as possible. It must be said that shareholders are beginning to lose patience.
If you’ve been following the soap opera around Elon Musk’s takeover of Twitter, you may know that the deal has stalled. Indeed, the billionaire has decided to suspend the procedure until further notice. The CEO of Tesla wanted to know the exact amount of fake accounts on the social network.
According to Twitter teams, these bots represent about 5% of all active accounts on Twitter. But just days ago, a study backed up Elon Musk’s concerns, claiming that 20% of Twitter accounts are indeed fake.
Since then, the takeover has been suspended and Twitter is actively seeking solutions to force Elon Musk to finalize the operation. In parallel, the leaders want at all costs to reassure the shareholders of the social network, who are beginning to lose patience in the face of this bogged down situation.
The takeover of Twitter is bogged down, shareholders are getting impatient
And precisely, this Thursday, May 25, 2022 was held Twitter’s annual shareholders’ meeting. And if attendees were hoping to hear any news about Elon Musk’s acquisition, the company’s leaders, on the contrary, did not say much about this hot topic.
“We are working on the transaction process,” CEO Parag Agrawal simply said during the meeting. He added : “Even as we work to close this transaction, our teams and I remain focused on the important work we do every day to serve the public conversation.”
Prior to this meeting, the Twitter management board had warned that it would not answer any questions relating to the takeover by Elon Musk, to the chagrin of shareholders. Despite everything, the latter pushed hard to obtain some details, in particular on the future of their shares in the event of the purchase and privatization of the company. “We are not in a position to answer these questions today”, assured Sean Edgett, director of the legal department of Twitter.
In fact and at the time of writing these lines, Twitter shareholders are not more advanced on the future of the social network. Note that this meeting also marked the end of co-founder Jack Dorsey’s tenure on Twitter’s board. He had already left his position as CEO of Twitter in November 2021.
Source: Engadget