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Parag Agarwal 0:00
All right. And I’m sure you’re still processing it.
Parag Agarwal 0:05
The focus of this all hands is you. I know many of you want to know what has happened. And what’s next. And I want to answer all of your questions. That is what this all hands is all about. And we have a lot to cover. To start, I’ve seen many questions that talk about the process that got us to this point. So that’s where we’ll begin. I want to hand it off to Brett, the chairman of our board, to speak to you all directly about how we reach today’s announcement. Back.
Bret Taylor 0:44
Thank you, Parag. I want to talk to the process, but actually just want to start by expressing my gratitude to all of you. Running Twitter, like all of you do every day is not an easy job. There’s a ton of stakeholders, a lot of opinions from the world. And running it amidst all that has been swirling around Twitter over the past few weeks is nothing short of remarkable.
Bret Taylor 1:06
And that whole board and I just want to speak on behalf of everyone is just really grateful to all of you for keeping your heads down as you’ve been able to and keeping this train running. I also just want to acknowledge all the emotions of today. It is an emotional day, I want to acknowledge it. And I just really appreciate everyone on this call. So let’s talk about the process.
Bret Taylor 1:32
The board received Elon Musk proposal on April 14. And since then, board took on a process that we really tried to make thoughtful, comprehensive, and deliberate. And we got a number of discussions between the two parties. When we were considering approach the proposal, it was really in light of comparing it to the company’s go forward prospects, the current market environment, and all the risks associated with achieving the operating plan of the company among many other consumerization considerations.
Bret Taylor 2:05
When we voted this morning, the vote to approve the transaction was unanimous at the board. I think this process was comprehensive and thorough. And ultimately, we felt that this was the best path forward for Twitter and our shareholders. I think many of us understand this. But I also want to just explain the basics of what it means to be a board in this situation.
Bret Taylor 2:26
So we are a Delaware company. And as a board and a Delaware company, we have a fiduciary obligation to our shareholders, which means by law, we’re required to act in the best interest of our shareholders. What this means in Delaware is a duty of care and duty of loyalty. That means we have to act impartially, without any conflict of interest. And we have to do our work thoroughly and deliberately. And I think that’s what we did when we evaluated the launch offer.
Bret Taylor 2:55
I know there were a ton of twists and turns along the way, all of it in public. And we weren’t really able to share a lot of this with all of you during these discussions. I wanted to show you all that we acted swiftly. But we also took the time that we needed in order to make the right decision, which is one of the rights and one of the important things that we must do as a board in this situation.
Bret Taylor 3:18
I just want to end by just saying I am extremely confident in Twitter’s future. I think Twitter is as important of a service in the world as it’s ever been. And I just know that all of you are gonna continue to build the service into everything that it can be. Being on this board and being affiliated with this company has been truly the privilege of my career. So, back to your product.
Parag Agarwal 3:45
Thank you. Before I talk about what lies ahead, it’s important to acknowledge that all of you have many different feelings about what is happening. Some of you are very concerned. Some of you are very excited, and others are somewhere in between, are waiting to see how this goes. I know this impacts each of you, personally, professionally, and has you wondering about the future of career.
Parag Agarwal 4:18
I want to start by sharing information that is most important to you. The deal was signed this morning. But there are a lot of steps between now and when the deal closes. There is a lot of work that lies ahead and still needs to be done. This work can take three to six months, or it can take longer. In this moment between deal signing and deal closing. We operate with a normal course just like we always have.
Parag Agarwal 4:53
I will be here running the company serving our customers making our product better every The day I’ll be here to enable each and every one of you to have your greatest impact how we run the company, and the decisions we make, and the positive changes we drive. That will be on us and in our control. Next, I want to talk about compensation. Last time we spoke a lot of your questions were about what this max might mean. In terms of compensation, we now have some answers.
Parag Agarwal 5:35
Until the deal closes, up compensation programs remain the same, your RSUs will vest just as they always have. Once the deal closes your RSUs as compensation will convert to equivalent cash payouts but remain on the same vesting schedule and converted the deal price of $54.20.
Parag Agarwal 6:03
Simply put, what this means is, instead once the deal closes, as compensation, instead of receiving RSUs on vesting schedule, you will receive an equivalent amount of cash on that same scale. The deal also has protections around benefits based salary and bonus opportunities for for them to remain the same for at least one year after the deal closes.
Parag Agarwal 6:40
I know many of you will have more questions about compensation, we will please ask them. We want to address them in the q&a we have ahead. And for questions we cannot answer will follow up. I know there have also been requests to get a bunch of this stuff written down for you and clarified and we will follow through on doing so as soon as we can. Before we jump into questions, and take a step back.
Parag Agarwal 7:07
Twitter has always been an outlier. It’s a unique company. And what we are going through is unprecedented. I recognize that this is a period of uncertainty, the best thing we can do is to support each other to operate as one team. Whether or not we feel the same way about what is happening.
Parag Agarwal 7:35
We never own Twitter, but we built it together. The work you all have done has had an impact on the world. The work you will do next will also matter. With that, let’s get into questions.
Leslie Berland 8:00
Hey, everybody, thank you for Thank you, Bret. There are lots and lots of questions. And as Parag said that we are also going to be following up following this all hands full on what’s answered here, and then also any questions that are really important to you that we have not will not be able to get to.
Leslie Berland 8:16
So please, please do know that. There are a number of questions Parag as it relates to how the company is operating today and what will happen. So questions about work from home questions about our benefits. Questions about folks who have visas. Can you just explain and give some context, like that whole host of questions that people have on their minds?
Parag Agarwal 8:43
Absolutely. Thanks for the questions. As I said, between now and closing, we will continue to operate the company normal course, we will continue making decisions as you always have guided by the principles we’ve had. Which that doesn’t mean things won’t change, things have been changing. I’ve been in this role for four months, I have been talking about driving positive change at the company.
Parag Agarwal 9:11
I will continue doing so because it makes us better that it makes us stronger. Once the deal closes, different decisions might be made. For us to gain insight into that. We’ll be finding a way to have Elon talk with all of you at the soonest possible opportunity. And of course, me or board, members of our leadership team will find ways of spending time with Elon to learn more along the way. And as that happens, we’ll be open and transparent with you.
Leslie Berland 9:51
Thanks frog its next question is for Bret. Bret. How was selling the company and making it private in the best interest of shareholders. Isn’t this forced selling their shares at a lower than current price, and might also have negative tax implications for them.
Bret Taylor 10:08
So, I’d mentioned the board’s fiduciary duties. And really what that comes down to, in a conversation like this is measuring both the value and the certainty of an incoming offer relative to the intrinsic value of the operating plan of the company. And when taking into account, you take into account risk, you take into account market conditions on both sides. And you tried to determine what’s in the best long term interests of Twitter shareholders. And this case, as I said, the board as with advice from I think, world class financial advisors, legal advisors, unanimously decided that this offer represented a better value for Twitter shareholders.
Leslie Berland 11:02
Question for you, Parag. There are a few questions on this, I would love to know how this change will impact our overall vi goals.
Parag Agarwal 11:11
Twitter is at its best, when all diverse voices in the world feel safe and feel encouraged to engage in the public conversation. That belief is what drives us to have a diverse workforce internally, on all dimensions, to have multiple perspectives and points of views represented internally. So that we can empathize with all of our customers all around the world, and serve them in the best possible way. That is a core belief of mine. That doesn’t change.
Leslie Berland 11:51
Question for Bret, Bret, how did we go from the poison pill to this so quickly?
Bret Taylor 11:58
It’s a great question, because I think both the phrase poison pill and the concept has is largely misunderstood. And I found a lot of the characterizations of it, in the press, not really capturing, I think really, the rights that affords a board which are really important in a process like this, I believe was April 15, when we adopted the shareholder rights agreement, which has been called the press the poison pill, that’s a colloquial term for it.
Bret Taylor 12:25
Really, what it does is it prevents a shareholder from an acquirer from gaining control of Twitter through open market accumulation, and enables the board to sort of have control over the process to make sure that we can do our fiduciary duty, and most importantly, have the time to do it on our schedule to make sure we’re protecting all shareholders. There’s a few articles, I think, get this right. I can’t remember off the top of my head, maybe sent out afterwards.
Bret Taylor 12:54
But it’s a very nuanced concept. But most importantly, the rights plan didn’t prevent us from engaging with the parties or of evaluating this acquisition proposal. It really was about putting the board in control of the process. So we can ensure that every single one of our shareholders interests was represented in the process, which I think is a very important part of the role of a board a situation like this. So we use that to take what I think is really thoughtful and comprehensive process to assess the offer, relative to the board’s operating plan. assess the risks. At the end of the day. As I mentioned, the Board believes this transaction is really the best path forward for Twitter’s stockholders.
Leslie Berland 13:38
Staying with you, Bret, Elon Musk took on a lot of debt to make this happen. How does how much risk does that present to us?
Bret Taylor 13:45
But as I mentioned, you know, as the board evaluates a proposal like this, it’s both value and certainty. And you’ll see in many of the public filings, but we have a number of measures that we put in place to ensure financial certainty. And it’s it’s a little bit technical, but that was a meaningful part of our due diligence and how we crafted the merger agreement.
Leslie Berland 14:10
You Parag. Can you clarify if there will be layoff or not?
Parag Agarwal 14:17
There are no plans for any layoffs. At this time.
Leslie Berland 14:25
Are we going to continue? What is it for you from are we going to continue working on our projects are the priorities going to be drastically different?
Parag Agarwal 14:34
So our priorities today are not changing. As always, we operate in an environment which requires us to evolve our priorities as we learn more. We have to continue doing the work that I’ve been talking to all of us about for the last several months. We’ve been talking about improving executions, making faster decisions, holding ourselves more comfortable. learning more from data. And as those things happen, changing the work we do to best serve our customers. So we will continue driving positive change in order to best serve our customers.
Leslie Berland 15:15
Parag, what does this mean for Twitter’s commitment to responsible ethical AI ml, we’ve been viewed as industry leaders in this field, and have attracted some of the fields best and brightest minds. But it would seem that new ownership values are not in alignment.
Parag Agarwal 15:32
It’s a matter of pride for us that we’ve done the work built a team and shown up externally to be considered a leader in this area. It is, as you have heard me describe previously, something that is really important for the future. It’s important for the future, because machine learning I believe, is critical for trader to be able to serve our customers. At the same time. It is opaque and challenging.
Parag Agarwal 16:03
The approach we have taken to provide people choice, to provide people transparency, and to provide an engage openly with researchers all around the world, to be more open about our work our approaches or models, and seek their input and feedback to do better, is something that inspires me, and we need to continue doing that work.
Leslie Berland 16:32
Question for you, Bret. Are there any possibilities that the deal will fall apart? What are those potential triggers?
Bret Taylor 16:41
First, there’s, there’s never any 100% certainty with any transaction to be a transaction of this size. And, as a part of, you know, what I mentioned both value and certainty. One of the important parts the board took into consideration is but mitigating the risks that it may not close.
Bret Taylor 17:03
And in the cases where it may not close, how the company may recover from those scenarios. I think broadly speaking, those risks are regulatory their financial and other. And so it’s always a part of any transaction of this size. And I can tell you is a very important part of the board’s process and coming to the merger agreement.
Leslie Berland 17:31
Parag there are a number of questions about employee retention and attrition. And how how you think about it, think about it.
Parag Agarwal 17:43
I don’t know specifically what the questions are. But let me speak to the area and tell me if I am getting to the questions. This is indeed a period of uncertainty. As I said earlier, all of you have different feelings and views about this news. Many of you are concerned, some of you are excited. Many people here are waiting to understand how this goes and have an open mind.
Parag Agarwal 18:14
A lot of what this comes down to is how we continue operating as one team, how we support each other, how we, as leaders are more transparent, so that we can help you understand what lies ahead, as we learn more. And I think if we do that, and if we work with each other. We will not have to worry about losing the core of what makes critter powerful, which is all of us working together in the interest of our customers every day. And that will be something that is very important to me. And I will do my work to ensure that even as we go through this period of uncertainty or transition that we’re preserving that
Leslie Berland 19:10
is a question for Bret. If we are made private what happens to those on the board of directors who voted for this deal.
Bret Taylor 19:19
So Visaya may be able to correct me here, but I believe the Board of Directors no longer exists on the other side of closing this transaction.
Leslie Berland 19:31
Unless she tells her pelvis otherwise that is correct.
Visaya Gaddie 19:34
That is correct.
Leslie Berland 19:37
A question? Like were you Bret was leadership continuity part of the agreement? Will our leaders be sticking around on a specific timetable
Bret Taylor 19:47
was peroxide especially in this closing period, you’re operating the company as you always have. And until this deal has closed, it is not closed and a big part of This merger agreement but all is ensuring operating continuity and ensuring this management team and Parag has the latitude to do what he needs to do to continue to make Twitter successful, which is not only in all of your interests, but also the interests of Elon Musk, right to make sure that this company thrives in this period. So I wouldn’t say yes.
Bret Taylor 20:24
And I think I just want to echo Parag’s remarks that Twitter can just continues to be the amazingly important service it was yesterday, and will continue to be that way in the future. And in this closing period, and in the future. This is the team that’s going to build it.
Leslie Berland 20:43
Thank you, Brad. Another question on the process? Did the board negotiate on the selling price?
Bret Taylor 20:51
We, as I said, so as the board evaluated this proposal, we took into account both value and certainty. And we can’t provide many details beyond that beyond what’s in our highlights.
Leslie Berland 21:08
Question for you, Parag. Is there an updated understanding on what free speech means that we’re aware of?
Parag Agarwal 21:18
I think we all understand what free speech means. I don’t think it’s about an updated understanding of that. It’s been a concept that’s existed for a while. But I think I’m gonna try to read the question behind the question here, which is, where might quit us product go as a private company in the future once this deal closes? And I think that’s a great question. To best gain perspective on this.
Parag Agarwal 21:48
As I said earlier, we’ll find ways to bring Elon for a Q&A with all of you. We, me a lot of your leadership team to spend time with Elon to understand better, what his vision for the future of crypto might look like. And have a two way dialogue where we inform and educate him on the work we have done. And the things we have learned along the way, and understand what his ambitions and aspirations might be. To see how we can best collaborate.
Leslie Berland 22:24
Question for Bret, how to the board. And this goes back to attrition. How does the board and Mr. Musk plan on dealing with a mass exodus? Considering the acquisition is by a person with questionable ethics? Also, how much input given background did Jack have on this?
Bret Taylor 22:43
So I’ll start with the jack question. Jack is a member of the Twitter board and there was unanimous vote. beyond that. We can’t speculate beyond what was stated in the press release. And I’m sure Jack will share his own feelings over time as he deems appropriate. And I don’t want to speak on his behalf.
Bret Taylor 23:03
As it relates to the question of attrition. You know, as Parag stated, you know, one of the themes of today is continuity, and ensuring that Parag and this leadership team continues to operate the business successfully on behalf of our users on behalf of our customers. And that has obviously been a big topic of discussion at the board. And as I mentioned, an area that is important to Elon Musk as well, because of the importance of Twitter as a service.
Leslie Berland 23:40
biggest question is for you, Parag, what’s in it for our users? Can you point to some upcoming specific changes that will benefit the user experience.
Parag Agarwal 23:51
That’s all the work we’re doing is positive changes that benefit our users. Deal document, designing doesn’t change how the product that users use, the product changes when we learn about their needs, when we solve problems when we build products when we ship new features. And that’s what we will continue doing and that’s how the product will get better for users. And it’s not the deal document work that we’ve been doing. But sleepless night over the last few weeks. On that we’ll get that done.
Leslie Berland 24:29
Are we anticipating a hiring freeze?
Parag Agarwal 24:34
Great question. We haven’t thought through the answer to that question. But I think we’ll have to work through the details of what it means in terms of our hiring plans. In this period between now and closing.
Leslie Berland 24:50
Question for Bret well the insider trading window calendar for transactions for Q2 2020 to be changed.
Bret Taylor 24:59
That is The question may be more appropriate for a video shot. I don’t believe so.
Visaya Gaddie 25:07
I agree with Bret, I don’t see any reason why the trading calendar should change. We’re still a public company. And we’ll still have to report earnings for our quarterly results on the same cadence that we did before. So our calendars will be the same.
Bret Taylor 25:21
And one does the man that Twitter continues to be a public company today, just as it was yesterday, until this transaction is closed, it’s not closed. And we have to operate Twitter as a public company. And I just want to make sure that’s clear, clear to everyone, because there’s a lot of answers to questions and that just that understanding
Leslie Berland 25:44
this question for you breath, bank, why was the decision made to pale pay out RSUs on a vesting schedule, versus at one time, or major shareholders being paid out on a similar schedule feels like a way to get out of paying employees who may leave or get laid off what they were granted?
Bret Taylor 26:07
I may not understand the question correctly. But I think it may go back to Parag’s point in his opening, which is the vesting schedules of employees RSUs remain the same. And at the point of close instead of being paid in RSUs, it translates into cash. But the people’s compensation plans don’t change in this transaction, merely the currency of that because as compensation plans change.
Leslie Berland 26:38
And again, we will follow up with this in writing so everyone can really absorb I know it’s hard sort of in real time to take it all in into and retain and we should be can do a lot and will be very clear in these documents. There are a couple of questions about Trump coming back on the platform. Will he? I guess that’s the question, Will Trump because there’s been trouble combat frog.
Parag Agarwal 27:05
I think we’ve been doing a lot of work to learn about what’s happening out there. We constantly evolve our policies, we make decisions for the health of the public conversation every day. We’ve been doing this work, we will keep doing this work. Once the deal closes. We don’t know which direction the platform will go in. I believe when we have an opportunity to speak with Elon in an AMA.
Parag Agarwal 27:32
It’s a question we should address to him. I will of course be spending time with him to understand where he sees the future of Twitter, as I said earlier, and to inform him about the approaches we have taken the principles that have guided us the lessons we have learned along the way. So that we enable through collaboration, but thriving predicting the future.
Leslie Berland 27:57
Wrong, Parag. Can you talk about our ads business, Elon has been vocal about not believing in Ads. What can we share with our clients about the future of our Ads platform?
Parag Agarwal 28:14
As Bret and I have said, not a lot changes today, we continue to be monetized primarily through advertising. We often don’t talk about this, but advertising is a really powerful tool on the internet. It allows differential pricing in a way that allows an amazing service like Twitter that we all build, to be free for all users all around the world. Whether or not they can pay for it. And that property of advertising is important for a service like Twitter to operate at the scale that it does. And to be free. It also applies to a lot of things on the internet. And I can’t speak to Elon beliefs or his plans. But I do believe that Twitter is a business. Elon bought a business and I expect that the way we monetize the business will be important to any owner of this business.
Leslie Berland 29:23
What happens to ESPP a ques for you or Visaya
Parag Agarwal 29:30
which of these
Visaya Gaddie 29:31
yes will confirm this in the FAQ, but my understanding is that we will continue to have the current ESPP period and then we will not have any more but again please let us confirm that.
Leslie Berland 29:46
Question back to you Bret with no board in place who will keep you on accountable and how.
Bret Taylor 29:55
So private companies are operating differently as a public companies But private companies are also subject to many of the same regulations. We are as a public company. In each of the jurisdictions that we operate, it’s a somewhat nuanced questions, but just like not only we’re a public company, we’re a Delaware public company, and that dictates our governance. There will be a new structure in this place. And it doesn’t change the broad regulatory structure in which Twitter operates, but certainly changes its governance structure. That’s why I would think about it.
Leslie Berland 30:34
Question back to you, Parag. Elon made it clear in public that a large part of the reason he bought the platform was because of our moderation policies and disagreements, and how we deal with health, something that we place in value very highly within the company. This puts Twitter service and trust and safety as well as anybody who cares about health on the platform in a very difficult position. Can you speak your thoughts on this? And how those teams will be supported?
Parag Agarwal 31:03
Good question. I believe Twitter grows as a service allows for more people to use the product and have a better experience. Because we’re able to make the conversation on Twitter be safe, because we are able to eliminate manipulation. Because we are able to remove spammers because we have built tools, processes for people to be able to feel safe and control their experiences. Twitter service, the role of our policies, and the capabilities we’ve built around content moderation, are fundamental to keeping Twitter safe and growing.
Parag Agarwal 31:54
I believe that there is a lot of work we have to do to continue making that better. Sometimes, that means more thoughtful moderation. Sometimes, that means making things simpler. Sometimes that means changing product incentives, to be able to solve problems to products, sometimes, instead of policies. So as I think about sort of the future, in this closing period, we continue evolving and iterating to improve the product and the health of the public conversation.
Leslie Berland 32:36
Thank you. Is there any impact to the FTC consent decree? If so, what would it be?
Parag Agarwal 32:48
Great question. I have not talked about it.
Visaya Gaddie 32:51
There should be no impact to that. That is a agreement that we’re entering into with the government its settlement agreement, and we expect that no matter what form this company takes in the future, we will still be subject to that consent. Great.
Leslie Berland 33:09
Another question for you Parag. During the last all hands, you said that you trust Elon Musk? I think that the correct quote was we trust him. So who is we and talking to Elon, what made you trust Him and have the best interests for the future of the company?
Parag Agarwal 33:30
I don’t know what this quote is or where it comes from. But I can speak to sort of the spirit of the question. As I think about Twitter, and its value, and based on the conversation I had with him, when we were excited to have him join our board. That was because as a major shareholder, an opinionated user. Sorry, we wanted that voice in our boardroom, so that we could learn and so that we would have more value created within the company for all of our shareholders as a result of having it on the board.
Parag Agarwal 34:20
Since then, we’ve seen a bunch of things happen, culminating in today, where the company is being taken private. Now, the way I think about what Elon wants to achieve, the way I think about the words he has said and interpreting them. He believes, sorry, I don’t mean to quote him, but like, I’m repeating some of what I have heard, which is not to say that I’m using that to predict what might happen. He wants to dare to be a powerful positive force in the world. Just like all of us, he believes.
Parag Agarwal 35:08
And this is me. Assuming things based on a few conversations, he believes quitter matters, just like all of us. We can collaborate with people, when you have some core shared foundations, we might all disagree on many other things, some of them might be really important. But I go back to when encountering such a phenomena is to take a step back and think about my approach to the way I come to the world.
Parag Agarwal 35:43
With an open mind. I remain optimistic. And at my core, because I’ve spent the last 10 years here, I believe in the power of Twitter. When someone else believes in the power of Twitter there is a shared point that you reach even if there are many other ways where you might not share views. And when you think about keeping an open mind, when you think about being optimistic. That’s what drives me.
Leslie Berland 36:21
This next question is for Bret, Bret said that there were certain protections around benefits and working conditions for the one year following close as part of the deal. Can you share the details of what those protections are?
Bret Taylor 36:36
What I would say is that the merger agreement really reflects what I think is a very typical operating agreement that enables Parag, to operate the company in the period between this signature and closing the deal. And I think we feel very comfortable that it gives this team the ability to continue to make the company successful, and between signing and closing the transaction. The deals, details are a bit technical, and you can see a lot of it in our filing. But it’s really about providing that ability to continue to operate the company.
Leslie Berland 37:17
Thank you Parag, there are lots of questions about remote work. And I believe the theme of the questions of what what will happen to remote remote work? Is remote work going away? Can you address that?
Parag Agarwal 37:29
Sure, as we’ve announced sort of our policies around remote work, they’re not going to change, as we operate through this period, we will continue a significant significant fraction of our workforce is either fully or partially remote. That is how we worked for the last several years, especially the last two years. And that is how we will work going forward. I believe that we’ve been very effective at it. And we’ve been getting better at it. So in my mind, it’s in everyone’s interest for Twitter, to continue operating with this amazing remote culture that you built.
Leslie Berland 38:15
There were a few questions about it sort of a two part. And Bret, you address this a little bit earlier about why are we finding things like this out in the press? And then also why and how are things leaking to the press? Given how small and close this the group working on this one?
Bret Taylor 38:34
Yeah. Maybe polar opposite questions, but I’ll take take them back. So you know, one of the important principles of a board and a situation like this, is to have control of the process. So we can represent the interests of all of our shareholders. And one of the most important things in that process is maintaining confidentiality so that we have the time and the space, to deliberate to evaluate the intrinsic value of the company and the risks of that management plan.
Bret Taylor 39:07
And to have those discussions and processes remain confidential, which is one of the assets that we have as a board doing our share duties for the company. There’s a lot of people involved and a lot of advisors in this process. I can’t speak to why people leak, but people do. I can’t imagine how disruptive it was for all of you.
Bret Taylor 39:31
And I just want to apologize for that. You know, I, you and I and we all care about this company and to read those leaks in their practice, in my mind represents a disrespect for what is an extremely sensitive and important process. It seems inevitable in these processes because of the number of people involved, who are advising the board and management on through this process.
Bret Taylor 39:55
So as much as I find it distasteful, it is fairly common. For the reasons why do we read about this in the press, as we think about achieving the right outcome for our shareholders, I think it would not do justice to that process, unfortunately, to have that level of transparency, because it’s a big part of negotiating the right outcome for for all of our stakeholders. And that’s why confidentially, just confidentiality is such an important part of the process.
Leslie Berland 40:25
Right. Another question for you Are any projections for a possible merger with Elon, other companies; Starlink and Tesla, Phone PI and Twitter apps?
Bret Taylor 40:34
Not sure I can speak on airlines behalf on that front.
Leslie Berland 40:42
There seems to be many questions about new hires and how this will affect them. Any thoughts on on those who are or have recently joined Twitter?
Parag Agarwal 40:56
For those who have recently joined Twitter, not a lot changes, I don’t see a difference in sort of the work you do the compensation programs that you benefit from all the benefits you have changing at this time? I might be missing the gist of the question, though.
Leslie Berland 41:17
And they will be granted RSUs? Yes, yes, absolutely. Yes. Sorry, I missed you again. There is a general sentiment just looking at the slack questions around uncertainty about what happens after the deal closes. I know you’ve spoken about this. But I think it merits to hear and hearing from you about this again.
Parag Agarwal 41:43
Yeah, I think that is a fair question. And there is indeed uncertainty about what happens after the deal closes. But, but there are ways where we will learn more, as time goes on. We will directly hear from Yan. I and the management team and the board, members of the board will continue to spend time with Elon to learn more. And as we learn more, we’ll share with you. So while there is a lot of uncertainty about what happens after the deal closes today, over time, that will decrease.
Leslie Berland 42:22
You have a question for Bret. Given that our stock was $70 last year, what message should we take away about the health strength of the company being so perfect for?
Bret Taylor 42:35
So when thinking about value, in a transaction like this, the phrase is really about intrinsic value. Obviously, the stock market has been a roller coaster over the past couple of years through the pandemic through the current downturn. And it’s important as you know, you all think about value, you really think about intrinsic value, which is based on I believe robust financial methodologies based on the operating plan of the company, relative to the offer represented by from Elon Musk, and when I’ll tell you is that based on the analysis and the perception of risks the perception of certainty and the perception of value. The board unanimously decided that the offer from Elon offered the best value for our shareholders.
Leslie Berland 43:31
Alaska question that I’m going to answer, is it possible to get a full FAQ stock going to document all these questions and answers are at the bottom of this channel and easy to understand when some of this is written down. So I just want to reiterate Yes, not only are we going to be capturing the questions that were answered here, we are going to be capturing the questions that were not answered here and distribute to the company ASAP. So please stay tuned for after the all hands. I know we’re up on time. So I just wanted to give Parag the opportunity to shoot close.
Parag Agarwal 44:04
First, gratitude to Bret for joining us and answering questions from all of you. Second, gratitude for so many people worked really hard over the last several weeks. And third, our strength as a company comes from being together from being one team. It’s our support for each other. It’s our teamwork. That gives us strength. That is what allows us to build a service and improve it every day.
Parag Agarwal 44:42
As you’ve heard from all of us, we don’t have all the answers. This is a period of uncertainty. It is even more important to be one team through a period of uncertainty and have full faith that the scheme together will continue You took improve trader and truly realize Twitter’s unrealized potential that we all feel within ourselves as time goes on. Thank you, everyone for joining us. We’ll have one thing next week. Well, we’ll continue this conversation, but also talk about other work that’s happening all around the company.
Leslie Berland 45:25
Thank you, everyone.
