Twitter annual meeting didn't mention Elon Musk's 'halted' takeover
By Team Newsable | First Published May 26, 2022, 10:20 AM ISTDespite the conversations with Musk, Twitter CEO Parag Agrawal stated that the firm is focusing on business as usual. "We're going through the deal," Agrawal explained. "Both our teams and I am staying focused."
Tesla CEO Elon Musk's prospective purchase of Twitter hovered over the company's annual investor conference Wednesday, despite officials' attempts to keep queries about the transaction to a minimum. Investors questioned what would happen to their shares if the deal went through. Executives on the call declined to comment, saying the matter will be discussed at a later date.
Twitter CEO Agrawal attended the meeting on Wednesday, along with a few other officials, to answer shareholder questions. He began by stating that they would not address the transaction, but he then stated that the deal is moving forward.
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Despite the conversations with Musk, Twitter CEO Parag Agrawal stated that the firm is focusing on business as usual. "We're going through the deal," Agrawal explained. "Both our teams and I am staying focused."
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Two right-wing organisations that purchased a small number of shares in order to make board suggestions also urged Musk to support their viewpoints. One of the organisations accused Twitter of employing men and White people unfairly, while another said the firm was excessively harsh in how it regulated right-wing views on Twitter, something Musk has discussed.
On May 13, Tesla CEO Elon Musk tweeted that the $44 billion acquisition was "temporarily on hold" while he sought additional information concerning the number of bogus Twitter accounts. Last week, the business stated that it was still committed to the acquisition at the agreed-upon price. However, investors remain dubious, as Twitter's shares ended at $35.76 on Tuesday, marking a 34% discount to the $54.20 per share transaction price.
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While the virtual annual meeting will feature a question and answer session on Wednesday, a Twitter representative stated that the firm will not address questions on the purchase. Twitter shareholders will vote on five stockholder proposals, all of which are opposed by management, including one requesting that the firm prepare a report on its impact on civil rights and another on its lobbying operations.
According to Donna Hitscherich, a finance professor at Columbia Business School, the conference itself will not be "especially significant" to Musk's acquisition deal. Even if shareholders accept any of the recommendations, she says it will be non-binding.
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