According to BloombergTwitter has reportedly locked up its employees’ stock accounts in anticipation of a deal. This could be an indication of an impending deal with Elon Musk’s purchase of Twitter. However, it remains to be seen if the terms of the deal will be changed.
Upon hearing this news, Twitter stock is up. Earlier this month, Elon Musk reiterated his plan to buy Twitter in an SEC filing after initially putting it on hold.
Twitter employee stock accounts locked down
Breaking @TheTerminal with @KurtWagner8 $TWTR has frozen equity awards accounts for employees on Monday as the deadline to seal a deal with Elon Musk approaches.
The move is a signal that Twitter is marching forward with the proposed deal.
Stock up around 2%.
– Ed Ludlow (@EdLudlow) October 18, 2022
Ed Ludlow, a Bloomberg reporter, confirmed the news of Twitter’s employee stock account lockout. In a tweet, Ed Ludlow said that Twitter had blocked employee stock accounts on Monday. The move comes as the deadline for a deal with Elon Musk approaches. The move could indicate that Twitter is moving forward with the proposed deal. Meanwhile, Twitter stock is up after this news. Twitter stock is now up about 1.81%.
“Twitter froze employee stock award accounts on Monday as the deadline to reach a deal with Elon Musk approached. The move is a signal that Twitter is moving forward with the proposed deal.”
Twitter acquisition closes
According to a Bloomberg article, Twitter updated its employee FAQ page this week to notify staff of the change. Employees will no longer be able to access or trade shares from the Equity Award Center. The change was made in anticipation of the closing of Twitter’s pending acquisition by an entity controlled by Elon Musk, the report said. “The freeze allows Schwab to perform final reconciliation of employee accounts before the acquisition closes“, the report states.
This move could finally put a stop to Elon Musk’s Twitter buyout deal. Will this lead to any surprising developments for the crypto community? There is a slight chance of early crypto inclusion as part of the Twitter relaunch process. Recent reports have suggested that Dogecoin (DOGE) could potentially become the official native currency of Twitter in the future.