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Twitter has experienced a roller coaster ride since the new owner Elon Musk took over. Elon Musk instantaneously fired lots of staff which included key executives as well. The news of shutting its Australia operation is making the rounds in the news world.
New leadership for Twitter after Elon Musk Acquire Twitter
As if all these changes were not enough, the recent news added fire to fuel speculation that Twitter is technically no longer a registered company. It seems that Elon Musk has merged Twitter with a shell firm called X Corp.
This new speculation has sparked conjecture as to what Elon Musk plans to do with the site. Mis is president of the firm as well as its parent company X Holdings Corp.
Within a week after joining to take ownership of Twitter in October in last year, Elon Musk announced plans to trim almost 8000 strong workforces by firing thousands. He plans to suspend badge access to workers and shut the offices temporarily.
“To place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce,” said the email, cited by Reuters.
Elon Musk fired the leadership team of Twitter. The leadership team has Parag Agarwal as Chief Executive Officer, Ned Segal as Chief Financial Officer, General Counsel Sean Edgett, and Policy Chief Vijaya Gadde. This is a part of the $US44 billion closure.
Many of the Twitter employees were fired without any notification. One of them was Melissa Ingle.
“I love the platform and I enjoyed working at the company and trying to make it better,” she wrote on Twitter.
“And I’m just really fearful of what’s going to slip through the cracks.”
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Work from home or Pulling Out of the Country from Twitter
Elon Musk has given very few interviews but in one of the interviews given to BBC, Elon Musk confirmed the scale of employee cuts. He confirmed that Twitter now has 1500 staffers as compared to earlier 8000 staffers.
He defended the decision, telling the network: “The issue is like the company’s going to go bankrupt if we do not cut costs immediately,” he said. “This is not a caring-uncaring situation. It’s like if the whole ship sinks, then nobody’s got a job.”
Angus Keene, the boss of Twitter Australia, was forced to pull down the speculation about the company that it was pulling out from Australia. The Sydney Morning Herald reported that Twitter was “in the process of ending its physical presence in Australia.”
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It also mentioned that the employees who survived the previous cull were now being sacked. Most of the team in Twitter Australia for communications, marketing, and news content was laid off.
Mumbrella, the news industry site, stated that Keene had sent an email to the Australian staff confirming that Twitter would not pull out of Australia.
It seems that the staff is working from home as the company has not yet renewed the commercial lease in Sydney. This statement is in stark contrast to the reports of disaster for remote working by Elon Musk.
He had instructed US staff to return to the office. Many perks of Twitter employees that existed in the past were off the table and one of them was stopping free lunches. All the complainers might continue complaining but henceforth the lunch will cost $8 as indicated by Elon Musk on 2nd November 2022.
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On and off Twitter deal and Shareholders Approval for Elon Musk to buy Twitter
The tumultuous take-over comes on the back of a protracted on-again, off-again deal to buy Twitter. In early 2022, the Twitter Board informed that the shareholders approved the offer put by Elon Musk to buy Twitter.
However, in May 2022, Elon Musk put the deal on hold on account of several alleged spam accounts. He asked Twitter to prove that less than 5% of active users were fake.
Twitter responded with legal action and Bret Taylor, Twitter’s chairman, previously said (in a tweet) that he was determined to complete the takeover on the original terms: “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.”
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Elon Musk tried to delay the trial till November, but the judge ruled in September that the case would be transferred to Delaware from 17th October.
The lawyers hired by Elon Musk stated that Elon Musk would proceed to buy Twitter in a court filing on 4th October. They even further stated that Elon Musk would buy Twitter at the stated price of $54.20 per share.
However, in due course of time, Leon Musk de-listed the company and took it private. The de-listing of the company had a huge impact on the shareholders.
The trading of Twitter shares on the New York Stock Exchange was suspended. It simply implied that new purchases of the stock could not be made. Each shareholder was paid $54.20 per share as they held up at the time of the acquisition.
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How to Buy Twitter Stocks and Shares?
Unfortunately, it’s currently not possible to buy Twitter stocks and shares. Here’s why:
- Twitter was taken private by Elon Musk in late 2022. This means the company delisted from the stock market and is no longer publicly traded.
- As a result, shares are not available for purchase through any brokerage firms or other investment platforms.
Before the acquisition, Twitter traded under the ticker symbol TWTR. If you still hold shares you purchased before the acquisition, you would have received a cash buyout of $54.20 per share.
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While investing in Twitter itself isn’t possible, you might consider:
- Investing in similar companies: Publicly traded social media platforms like Meta (Facebook), Snap (Snapchat), or Pinterest might offer similar investment opportunities.
- Exploring other investment options: Research different stocks, bonds, or other investment vehicles that align with your financial goals and risk tolerance.
Remember, before making any investment decisions, it’s crucial to conduct thorough research, understand the risks involved, and consult with a financial advisor if needed.
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