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Elon Musk is expected to reiterate his desire to own Twitter at Thursday’s meeting

Elon Musk is expected to confirm his desire to own Twitter Inc.

TWTR 2.07%

when he talks to the employees of the social networking company on Thursday, according to a person who knows the subject.

The billionaire Tesla Inc.

The CEO is going to answer pre-submitted employee questions for about an hour in a virtual meeting on Twitter on Thursday morning, West Coast time, the man said. In addition to reiterating his interest in owning the company and his view of its importance to the world, Mr. Musk is likely to clarify recent comments about distance work and touch on aspects of his Twitter strategy. , including the role of advertising and subscriptions.

Shares of Twitter rose about 5% in trading after the Wall Street Journal reported on the expected statements of Mr. Musk.

Mr Musk was furious earlier this month when he told employees of Tesla and SpaceX, his space exploration company, to spend 40 hours a week in the office and suggested to those who could not find work elsewhere. Should the issue arise, he is expected to tell Twitter employees that the comments are mainly about certain executives and that many engineers in his companies are already working remotely, which is okay.

While Mr. Musk criticized Twitter for relying too heavily on advertising, he is expected to stress that the company should have multiple revenue streams, with ads and subscriptions between them, the man said.

The plans of the always unpredictable Mr. Musk could still change and the form of questions and answers could motivate him to expand on these and other issues. Other issues that workers have focused on include how Mr Musk plans to deal with police harassment if he reduces the censorship of Twitter as he has said he wants, as well as possible job cuts.

Mr Musk has kept Twitter and Wall Street employees in doubt as to whether he will follow the agreed $ 44 billion purchase of the social media platform.

This has caused the difference between the company’s share price and the purchase price of $ 54.20 per share in a balloon, reflecting the fear that the deal will collapse. The Twitter stock closed at $ 37.99 on Wednesday.

Since agreeing to the deal in April, he has challenged Twitter’s estimate of how many of its users are bots and last week threatened to close the deal in a letter accusing the company of failing to comply with his spam request. . Twitter then stated that it was continuing to share information with Mr. Musk and that it planned to enforce the merger agreement.

Earlier, Mr Musk withdrew from the plan to rely on marginal loans backed by his shares in Tesla and increased his equity investment in the deal, a move some saw as a step towards its continuation.

Twitter, which estimates that no more than 5% of its daily active users are bots, is in the process of giving it access to expanded data for control by its team. Meanwhile, his team is working closely with Twitter executives as they develop a business plan.

It was not possible to find out how much time, if any, Mr. Musk will devote to the bot issue on Thursday.

Although his appearance at the meeting indicates a commitment to the deal, it is still possible that he will seek to renegotiate with Twitter later in the process after his team has analyzed the data. Twitter has the right to sue him for following the current deal.

Twitter plans to schedule a shareholder vote on the deal later this summer and close it shortly thereafter, assuming everything goes according to plan.

Write to Cara Lombardo at cara.lombardo@wsj.com

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He appeared in the June 16, 2022, issue of “Musk to Confirm He Wants to Own Twitter.”

Elon Musk is expected to reiterate his desire to own Twitter at Thursday’s meeting

Source link Elon Musk is expected to reiterate his desire to own Twitter at Thursday’s meeting

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