- Twitter Inc. TWTR froze the employee stock rewards account on October 17 as the deadline to reach an agreement with Tesla Inc. TSLA CEO Elon Musk is approaching.
- The decision insinuated that Twitter had pursued the agreement, Bloomberg reported.
- The social media company has updated its employee FAQ page to alert staff about accessing or trading shares from the Equity Award Center.
- Read also : Twitter says Elon Musk is under federal investigation over $44 billion Twitter deal, filed in court
- The page said the change was “in anticipation of the closing of the pending acquisition of Twitter by an entity controlled by Elon Musk.”
- The freeze allowed Schwab to complete the final reconciliation of employee accounts before the acquisition closed, the update said.
- Restricted stock units for certain workers must vest in early November.
- Several employees sought other jobs and planned to quit once the shares were acquired. Employees were eagerly awaiting the deal, worried about the possibility of job cuts.
- Musk and Twitter have approached the October 28 deadline to complete a $44 billion sale.
- Musk previously tried to back out of his offer, prompting Twitter to file a lawsuit to complete the deal.
- Price Action: TWTR shares traded up 1.88% at $51.70 when last checked on Tuesday.
- Photo by Gerd Altmann from Pixabay
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