Twitter locks staff stock accounts in anticipation of deal

Twitter has froze the equity awards accounts for employees as the deadline to seal a deal with Elon Musk approaches.

The social media company updated its employee FAQ page this week to alert staff that they won’t be able to access or trade shares from the Equity Award Center. The page said the change was done “in anticipation of the closing of the pending acquisition of Twitter by an entity controlled by Elon Musk”, according to two people familiar with the change.

A Twitter spokesperson declined to comment.

The move is a signal that Twitter is marching forward with the proposed deal.

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Musk and Twitter are nearing an October 28th deadline to finalise a $44 billion (€46 billion) sale that was first announced in April. Musk previously tried to walk away from his offer, prompting Twitter to sue in an effort to consummate the agreement. A judge delayed a planned trial, originally scheduled for this week, to give the two sides more time to finalise the details.

Employees have been waiting anxiously for the deal to close, and many are worried about the possibility of job cuts. On Blind, an anonymous app for employees to chat with one another, some have started to share tips with colleagues on how to prepare for lay-offs. – Bloomberg