Twitter-Elon Musk Deal Is On As The Social Media Company Locks Employee's Equity Award Accounts

Twitter Inc TWTR froze employee equity awards account on October 17 as the deadline to seal a deal with Tesla Inc TSLA CEO Elon Musk approaches.
The move insinuated that Twitter marched ahead with the deal, Bloomberg reported.
The social media company updated its employee FAQ page to alert staff regarding access or trade shares from the Equity Award Center.
Also Read: Twitter Says Elon Musk Under Federal Probe Over $44B Twitter Deal, In Court Filing
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 perform the final reconciliation of employee accounts before the close of the acquisition, the update read.
Restricted stock units for some workers are due to vest in early November.
Several employees sought other jobs and planned to resign once the stock was vested. Employees waited anxiously for the deal to close, worried about the possibility of job cuts.
Musk and Twitter neared an October 28 deadline to finalize a $44 billion sale.
Musk previously tried withdrawing from his offer, prompting Twitter to sue to consummate the agreement.
Price Action: TWTR shares traded higher by 1.88% at $51.70 on the last check Tuesday.
Photo by Gerd Altmann from Pixabay