Twitter is working toward ‘closing the transaction process’ with Elon Musk

If attendees at Twitter’s annual shareholder assembly have been hoping to clear up confusion surrounding Elon Musk’s acquisition of the corporate, they’re seemingly left upset. Regardless of quite a few questions on the way forward for Twitter, the corporate’s executives had little to say about Musk, who didn’t attend the assembly.

“We’re working via the transaction course of,” CEO Parag Agrawal mentioned in the course of the assembly. The standing of the deal has been considerably unclear since Musk introduced it was “on maintain,” resulting from his issues about bots on the platform. Twitter executives have maintained they’re transferring ahead with their plans.

“Whilst we work in the direction of closing this transaction, our groups and I stay targeted on the necessary work we do daily to serve the general public dialog,” Agrawal mentioned.

Twitter had mentioned forward of the assembly that it would not reply questions associated to Musk’s acquisition of the corporate, which can must be formally authorised by Twitter stockholders at a later date. Even so, shareholders tried to get Twitter executives to handle the difficulty. The very first query within the Q&A portion of the assembly requested what’s going to occur to Twitter shareholders’ inventory if “somebody” buys the corporate and takes it non-public. “We aren’t capable of tackle these questions as we speak,” Sean Edgett, Twitter’s Normal Counsel, mentioned, directing individuals to the corporate’s earlier SEC filings.

Shareholders additionally raised questions on the way forward for the corporate’s content material moderation insurance policies. Agrawal mentioned the corporate stays “targeted” on present its present insurance policies and “reducing our reliance on person reviews.” Although he did not immediately tackle feedback Musk has made about loosening its guidelines, he mentioned that “silencing political commentary is antithetical to our dedication to free speech.”

The assembly additionally marks the top of co-founder Jack Dorsey’s tenure with Twitter. He had stepped apart as CEO in November, however remained on the board of administrators till the assembly. As with a lot of Twitter’s future, it was unclear who will succeed him.

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