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Earlier quoted context omitted.
That's my point though. The board accepted the buyout offer. "Hands on the wheel" means keeping the lights on and making sure everything stays stable until the deal closes. Firing the company's product and revenue leads is the opposite of that.
The fact that the stock price is roughly halfway between the pre-Musk price and Musk's bid suggests the market expects roughly a 50% chance the deal will actually go through.
Why is Parag making any major changes at this point? What "new vision" is he going to execute in his last few months at the company before Elon comes in and torpedoes it anyways?
Elon Musk has no intention of actually acquiring Twitter. He's just using it as a smoke screen to liquidate a huge amount of Tesla stock. The fact that TWTR is currently trading at a 25% discount to the supposed acquisition price shows I am not the only person in the market who doubts the ultimate consummation of the acquisition.
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There is a non-zero probability that Twitter's board is simply calling Musk's bluff. Musk loves attention, but dumping his Tesla holdings to keep getting it may be too much for him.
I wonder if he'll try to renegotiate the deal at a lower price. Given the entire tech sector has fallen precipitously since the first announcement, it wouldn't surprise me if Twitter's board accepts a haircut and does the deal anyway.
Knowing Musks shenaningans, it's likely he wanted to sell his Twitter stock but wanted to pump it first with a semi-formal offer. Same he did with Crypto/Tesla.
Not surprising that Twitter board would call the bluff. Even if Musk tries to renegotiate to save face, the Twitter board will look better to shareholders by saying no to even lower offers.
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He’s being paid millions to keep his hand on the wheel and not be distracted by a deal that may never close.
That's my point though. The board accepted the buyout offer. "Hands on the wheel" means keeping the lights on and making sure everything stays stable until the deal closes. Firing the company's product and revenue leads is the opposite of that.
1. The tech market right now is a shit show, Twitter has only been saved from the general market trends because of the Elon offer. Once the Elon offer closes or falls through, Twitter's stock will correct. While Twitter is healthier is the time to get set up for that inevitable correction. The current market is driving fairly drastic action in the Tech Sector, just ignoring it because you're, potentially, a lame-duck CEO would be irresponsible.
2. These firings and changes may have been in the works since Parag took over so this is a course of action that predates the Elon offer.
Earlier quoted context omitted.
That's my point though. The board accepted the buyout offer. "Hands on the wheel" means keeping the lights on and making sure everything stays stable until the deal closes. Firing the company's product and revenue leads is the opposite of that.
You're assuming that the deal will definitely close. The deal can still fall apart for a number of reasons. The risk of this happening is far from remote. This is evident from the current stock price of about $46, which is significantly lower than the $54.20 Musk is offering.
Right now it's down 26% this month, more than twice the general market drop, and shows no sign of slowing.
Musk has already started trying to ditch the margin loan.
Growing up outside of the US, I feel kinda cringed when he said he was "INSANELY proud of our collective teams achieved". Such an interesting cultural difference.
Why is Parag making any major changes at this point? What "new vision" is he going to execute in his last few months at the company before Elon comes in and torpedoes it anyways?
> I’m just now learning that Parag fired Kayvon while he was on paternity leave, which is truly awful. > Parag is on his way out too. Why is he firing his product leaders during his lame-duck period? https://twitter.com/CaseyNewton/status/1524790595968901122
Firing while on paternity leave isn't really that bad as long as they give you severance to cover paternity leave plus some extra - which I'm guessing they did since severance packages for higher ups tend to be pretty good. (As compared to no severance or two weeks that many ICs get)
Earlier quoted context omitted.
That's my point though. The board accepted the buyout offer. "Hands on the wheel" means keeping the lights on and making sure everything stays stable until the deal closes. Firing the company's product and revenue leads is the opposite of that.
You're assuming that the deal will definitely close. The deal can still fall apart for a number of reasons. The risk of this happening is far from remote. This is evident from the current stock price of about $46, which is significantly lower than the $54.20 Musk is offering.
With that in mind, special situations are clearly still a valid strategy.
Growing up outside of the US, I feel kinda cringed when he said he was "INSANELY proud of our collective teams achieved". Such an interesting cultural difference.