Musk Meets Twitter EmployeesMusk Says He Wants One Billion Users on Twitter

In a video chat with Twitter employees, he fielded questions about free speech, layoffs and his plans for the company as his $44 billion acquisition moves ahead.

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Mr. Musk was supposed to meet with Twitter employees after joining the company’s board in April, but plans changed when he pivoted to trying to buy the company instead.Credit...Susan Walsh/Associated Press
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Elon Musk tells Twitter’s employees he wants the service to ‘contribute to a better, long-lasting civilization.’

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Elon Musk at the Met Gala in May. On Thursday, he told Twitter employees: “I want Twitter to contribute to a better, long-lasting civilization where we better understand the nature of reality.”Credit...Evan Agostini/Invision, via Associated Press

SAN FRANCISCO — For weeks, Elon Musk has publicly trashed Twitter, even though he is buying the company in a $44 billion deal. On Thursday, he finally acted like an owner.

In an hourlong question-and-answer session in the morning with Twitter’s 8,000 or so employees — the first time Mr. Musk has spoken with them since he agreed to buy the social media company in April — the world’s richest man opened up about his plans for the service. In an effusive and at times rambling address, he touched on topics as varied as growth, potential layoffs, anonymity, Chinese apps, the existence of alien life-forms and even the cosmic nature of Twitter.

“I want Twitter to contribute to a better, long-lasting civilization where we better understand the nature of reality,” Mr. Musk said in the meeting, which was livestreamed to Twitter employees and which The New York Times listened to.

The 50-year-old added that he hoped the service could help humankind “better understand the nature of the universe, as much as it is possible to understand.”

The meeting, which Mr. Musk participated in from his cellphone in what appeared to be a hotel room, suggested that he was set on closing the blockbuster acquisition. His intentions had been in doubt in recent weeks when the billionaire, who also runs the electric carmaker Tesla and the rocket company SpaceX, repeatedly raised questions about Twitter’s fake accounts in an apparent pretext for potentially ending or renegotiating the deal.

Since April, the famously mercurial Mr. Musk has tweeted that the purchase was “on hold” and accused Twitter of “actively resisting and thwarting” his rights. At another point, he had criticized some of the company’s executives. He made his inflammatory comments as global markets tumbled and shares of Tesla, which are his main source of wealth, plummeted.

The antics from Mr. Musk, who is paying $54.20 a share to buy Twitter, had left investors, the company’s employees and others guessing as to what he might do. Twitter’s stock is now trading around $37. Yet the company has insisted that the deal remains on track and that it has been sharing information with Mr. Musk, who is on the hook for a breakup fee of $1 billion if he walks away.

Mr. Musk did not directly address on Thursday whether he would close the deal with Twitter, but he made it clear to employees that he had grand ambitions.

During the conversation, which was moderated by Twitter’s chief marketing officer, Leslie Berland, Mr. Musk said he hoped to expand the service to more than one billion users across the world. That would be nearly four times the number of current users. He added that he was hands-on at Tesla and expected to be so at Twitter.

Even with such a performance, some cautioned that Mr. Musk might still change his mind about completing the deal for Twitter.

“I assume he’s operating on two tracks,” said Ann Lipton, a professor of corporate governance at Tulane Law School. “Maybe he wants to lower the price or even cancel the deal. If the deal goes through, he wants additional investors.”

She added: “Publicly talking to Twitter employees, trying to assuage their concerns, maybe gives reassurances to potential investors. But I’m not clear whether that’s his Plan B or his Plan A.”

Twitter declined to comment on the meeting, and Mr. Musk did not respond to a request for comment.

Mr. Musk had been scheduled to speak to Twitter’s employees weeks ago, but the session did not take place. Then over the past week, the San Francisco-based company began collecting questions for him from employees on its internal Slack messaging system. The meeting, scheduled to start at 9 a.m. San Francisco time, began a few minutes late, with Parag Agrawal, Twitter’s chief executive, thanking Mr. Musk.

Then Mr. Musk started answering questions, including about remote work. This month, he sent memos to workers at Tesla and SpaceX saying he expected them to be in the office for 40 hours a week. Twitter’s employees have largely worked remotely in the coronavirus pandemic.

Mr. Musk told Twitter employees that he was open to their working remotely, given that developing software is different from showing up daily to build cars. But he said a broad lack of in-office participation could contribute to a dwindling “esprit de corps” and hoped that people would be willing to go into the office more in the future.

Mr. Musk dodged directly answering whether there would be layoffs at Twitter, though his answer was somewhat ominous.

“Right now, costs exceed revenue,” he said. “That’s not a great situation.”

At another point, he digressed into a discussion about whether extraterrestrial life was possible, though it was unclear where he netted out. He also brought up the Chinese apps WeChat and TikTok as aspirational, given that WeChat is so embedded in people’s daily lives in China and TikTok is “not boring.”

One improvement that Mr. Musk said he wanted to make was adding payments technology to Twitter. Ideally, users would be able to send money back and forth through the service, similar to how products like Venmo or Square Cash operate.

Mr. Musk, a longtime power user of Twitter with more than 98 million followers, has long said he believes the company’s potential is underutilized. He has added that he hopes to rejuvenate the service outside the eye of the public markets by taking the company private and making significant changes to how Twitter operates.

Inside Twitter, some employees have had mixed feelings about Mr. Musk. Some have said they are concerned by his Twitter habits and murky politics.

On Thursday, employees at SpaceX circulated a memo saying that they were also concerned about their chief executive’s public behavior — particularly how he acted on Twitter — and that it reflected poorly on employees.

“Elon’s behavior in the public sphere is a frequent source of distraction and embarrassment for us,” read the letter, which was obtained by The Times and reported earlier by The Verge. “As our C.E.O. and most prominent spokesperson, Elon is seen as the face of SpaceX — every tweet that Elon sends is a de facto public statement by the company.”

Others at Twitter have said they were worried by how Mr. Musk wants to take a laissez-faire approach to policing the platform.

On Thursday, he emphasized that he wanted to make Twitter as inclusive a platform as possible, mostly by gaining more users, adding that he would not allow criminal acts to be carried out on the network. He said that he also didn’t want to make people use their real names on Twitter and that there was utility in using pseudonyms to express political views on the service.

Some Twitter employees, who have pointed to Mr. Musk’s reputation as an innovator, said they felt heartened after Thursday’s meeting. Mr. Musk was not hostile and seemed to have a vision for the product, despite not being able to enunciate it clearly at times, they said. Others said he had not addressed their questions, with one employee writing in an internal Slack message, which was viewed by The Times, that “if you took a drink each time he answered a question, you’d be painfully sober at the end of this.”

Mr. Musk was noncommittal when asked if he planned to assume the chief executive role at Twitter when he took over the company. He said he wasn’t a traditional C.E.O. and pointed to his title at Tesla, which is Technoking. But he also noted that he had many ideas for product updates and how the service should evolve, and that he would make those known to others within the company.

“I do expect that they will listen to me in this regard,” Mr. Musk said.

Ryan Mac and Lauren Hirsch contributed reporting.

Jason Karaian
June 16, 2022, 1:13 p.m. ET

Twitter’s stock, which was down as the meeting started, is now up about 1 percent. That makes it one of the best-performing companies in the S&P 500 today.

Jason Karaian
June 16, 2022, 1:13 p.m. ET

But its share price is still nowhere near what Mr. Musk has offered to pay to buy the company.

Ryan Mac
June 16, 2022, 1:08 p.m. ET

SpaceX workers write letter to executives with concerns about Elon Musk’s tweets.

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Mr. Musk with the SpaceX Falcon Heavy rocket at NASA’s Kennedy Space Center in Cape Canaveral, Fla., in 2019.Credit...Todd Anderson for The New York Times

Employees at SpaceX have written an open letter denouncing the behavior of Elon Musk, the company’s chief executive, following recently publicized allegations of sexual misconduct against him.

“Elon’s behavior in the public sphere is a frequent source of distraction and embarrassment for us, particularly in recent weeks,” read the letter, which was obtained by The New York Times. “As our CEO and most prominent spokesperson, Elon is seen as the face of SpaceX — every tweet that Elon sends is a de facto public statement by the company.”

The letter comes amid the billionaire’s contentious $44 billion acquisition of Twitter. On Thursday, Mr. Musk addressed Twitter employees for the first time via a video call to explain his vision for the company after he completes the deal, which he has expressed some reservations about doing.

A SpaceX spokesman did not respond to a request for comment about the letter. The Verge first reported on the document.

In May, Insider reported that a flight attendant said Mr. Musk propositioned her for a sexual massage during a flight to London in 2016. The flight attendant said he also exposed himself to her and offered her a horse, according to the article, the details of which were not independently verified by The New York Times.

Following that report, Mr. Musk called the story “utterly untrue” and made jokes about horses and his genitalia on Twitter. Last month, Gwynne Shotwell, SpaceX’s president and chief operating officer, wrote an email to employees saying she “personally” believed that the sexual harassment allegations against Mr. Musk were false.

“Anyone who knows Elon like I do, knows he would never conduct or condone this alleged inappropriate behavior,” she wrote in the email.

It is unclear how many people have signed the open letter at SpaceX. The letter outlines several demands, including the public condemnation of “Elon’s harmful Twitter behavior” and establishing clear definitions of all forms of unacceptable behavior at the rocket maker.

“It is critical to make clear to our teams and to our potential talent pool that his messaging does not reflect our work, our mission, or our values,” the letter read.

“SpaceX must swiftly and explicitly separate itself from Elon’s personal brand,” it continued.

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Mike Isaac
June 16, 2022, 12:59 p.m. ET

Okay the meeting is wrapping up. Twitter is thanking Mr. Musk for his time, and they agree to do another talk again soon.

Mike Isaac
June 16, 2022, 12:59 p.m. ET

Mr. Musk said he wants Twitter contributing to a better, long lasting civilization where we better understand the nature of reality. "To better understand the nature of the universe, as much as it is possible to understand.”

Mike Isaac
June 16, 2022, 12:57 p.m. ET

Ms. Berland asks Mr. Musk what success would look like in five to 10 years. He said it’s about an increase in daily active users and that he wants to reach 1 billion users or beyond.

Mike Isaac
June 16, 2022, 12:56 p.m. ET

I think Mr. Musk spoke about aliens for a minute?

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Ryan Mac
June 16, 2022, 12:54 p.m. ET

Mr. Musk said he does very few interviews, but when he does a single tweet, there will be “a two-page article about it.”

Mike Isaac
June 16, 2022, 12:53 p.m. ET

Mr. Musk is asked what his role at Twitter will look like. He said he wants to be involved in product and is not really sure what his title will be. But he does think people will need to listen to his input on features, he said. “I do expect that they will listen to me in this regard.”

Mike Isaac
June 16, 2022, 12:54 p.m. ET

Mr. Musk noted that he’s generally very hands on at Tesla and expects it wouldn’t be different at Twitter.

Mike Isaac
June 16, 2022, 12:52 p.m. ET

Mr. Musk indicates he generally hates the amount of bots on Twitter. He wants to make it more difficult for spammers and bot buyers to exist on the platform.

Mike Isaac
June 16, 2022, 12:48 p.m. ET

Ms. Berland asked Mr. Musk about his past statement on “authenticating all humans” who use Twitter. He said he doesnt want to make people use their real names on Twitter and thinks there’s utility in using pseudonyms to express one’s political views on the service.

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Lauren Hirsch
June 16, 2022, 12:47 p.m. ET

The New York Times previously reported that Mr. Musk told investors he is planning for Twitter to bring in $15 million from a payments business in 2023.

Mike Isaac
June 16, 2022, 12:45 p.m. ET

Ms. Berland asked if it’s okay to go over time. Mr. Musk agreed.

Mike Isaac
June 16, 2022, 12:46 p.m. ET

Ms. Berland followed up by asking about Twitter and payments and how that might work. Mr. Musk stressed that “money is fundamentally digital at this point and has been for a while. It would make sense to integrate payments into Twitter so it’s easy to send money back and forth.”

Ryan Mac
June 16, 2022, 12:45 p.m. ET

On Twitter yesterday, Mr. Musk also said he was leaning toward supporting Florida Governor Ron DeSantis, a Republican, in the 2024 presidential election. Mr. DeSantis has not announced any intention to run for the presidency.

Mike Isaac
June 16, 2022, 12:41 p.m. ET

Mr. Musk was asked, "How will your political views affect your leadership of the company?"

Mike Isaac
June 16, 2022, 12:45 p.m. ET

Mr. Musk said he still calls himself a moderate and said he’s largely in how the center of the country votes. He has voted Democrat in the past, and noted that he voted for Mayra Flores, a Republican of Texas.

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Ryan Mac
June 16, 2022, 12:40 p.m. ET

Mr. Musk has continued complimenting Chinese apps on the call with Twitter employees. First, he talked up WeChat and now he’s complimenting TikTok for surfacing videos that are “not boring” and keep people engaged. Tesla, his car company, has deep ties to China. Twitter is banned in the country.

Mike Isaac
June 16, 2022, 12:37 p.m. ET

Mr. Musk is being asked about content moderation.

Mike Isaac
June 16, 2022, 12:39 p.m. ET

Mr. Musk said, “We should allow people to say what they want." He mostly seemed preoccupied with people not seeing “boring” content. He pointed to how TikTok does a great job of keeping people “entertained.”

Mike Isaac
June 16, 2022, 12:36 p.m. ET

Mr. Musk is asked about whether he is commited to a diverse workplace and serving a diverse user base. He said he really wants to have “at least a billion people on Twitter. Maybe more.” That, he said, is the “most explicit definition of inclusiveness.”

Mike Isaac
June 16, 2022, 12:33 p.m. ET

Twitter’s “monetizable user number” is probably Mr. Musk's biggest concern. He said he’s interested in subscription revenue, and is very interested in “payments” on the platform.

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Mike Isaac
June 16, 2022, 12:32 p.m. ET

It's a very non-committal answer. He said layoffs are contingent upon a lot of things.

Lauren Hirsch
June 16, 2022, 12:31 p.m. ET

How Musk plans to pay for Twitter.

Here is the latest on where the financing stands on Elon Musk’s $44 billion acquisition of Twitter.

Mr. Musk originally planned to fund the bid with $21 billion in cash; $12.5 billion from what’s known as a margin loan, or money personally borrowed by Mr. Musk from banks with his Tesla shares as collateral; and $13 billion in debt that would shift onto Twitter’s balance sheet after the deal is complete.

Shares of Tesla, the main source of Mr. Musk’s wealth, have fallen more than 30 percent since he announced the deal. If the stock was to fall past a certain point, Mr. Musk’s lenders would require him to put up more shares, or cash, as collateral for the margin loan. And Mr. Musk has already used a large share of his Tesla holdings for other loans. Mr. Musk has since scrapped a margin loan as a piece of the financing puzzle.

The exact mechanics of how Mr. Musk will replace those billions have yet to be explained. He has brought in new investors, including the venture capital firm Andreessen Horowitz and the tech mogul Larry Ellison, who will contribute $7 billion to the deal. And Mr. Musk said last month he would contribute an additional $6.25 billion in cash, either out of his own pocket or by signing up more investors.

Mr. Musk is also in talks with current Twitter shareholders, including Jack Dorsey, a co-founder and former chief executive of the company, about rolling their existing shares into the merged company once the deal closes, rather than getting paid to sell their stakes. If Mr. Dorsey or other shareholders agree, that would reduce the amount of money that Mr. Musk has personally pledged — and the financial risk to him.

Mike Isaac
June 16, 2022, 12:31 p.m. ET

A question about layoffs. "Can you tell us how you’re thinking about them at Twitter?”

Mike Isaac
June 16, 2022, 12:32 p.m. ET

Mr. Musk: "Right now, costs exceed revenue. That’s not a great situation."

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Mike Isaac
June 16, 2022, 12:31 p.m. ET

Twitter employees are still following up on remote work questions. (Everyone loves to work from home!) Mr. Musk is non-committal in his answer but stressed that it is “much better if you are on location physically.”

Mike Isaac
June 16, 2022, 12:29 p.m. ET

He's now getting asked what he wants to do with Twitter as a private company and how that differs from being public. Mr. Musk has said he wants to take Twitter private after he closes the deal.

Mike Isaac
June 16, 2022, 12:30 p.m. ET

Mr. Musk said there’s a lot more a private company can do, without having to worry about the ire of activist shareholders.

Mike Isaac
June 16, 2022, 12:29 p.m. ET

Mr. Musk recently told employees at Tesla and SpaceX, which he also runs, that they should be working in the office 40 hours a week. In this meeting, Mr. Musk said that Tesla makes cars and does work that is “impossible to do remotely.” He said Twitter is different from Tesla and that people who are “exceptional at their jobs” can work remotely. He worried that remote work reduces the “esprit de corps.”

Mike Isaac
June 16, 2022, 12:27 p.m. ET

Employees are asking about remote work. About a quarter of Twitter’s employees work from home.

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Mike Isaac
June 16, 2022, 12:26 p.m. ET

Mr. Musk said he is “extremely literal with what he says,” so the things he says about Twitter and wanting it to go to the “next level” and the potential for more people to use it, are just that. Take him at his word, in essence.

Mike Isaac
June 16, 2022, 12:26 p.m. ET

Regarding trust, Mr. Musk said, “If somebody is getting useful things done, that’s great. If they arent getting useful things done, then why are they at the company?”

Mike Isaac
June 16, 2022, 12:24 p.m. ET

Ms. Berland asked Mr. Musk what Twitter employees can do to earn his trust, and what can Mr. Musk do to earn theirs?

Ryan Mac
June 16, 2022, 12:21 p.m. ET

Mr. Musk complimented China’s WeChat as a possible vision for Twitter. “You basically live on WeChat,” he said of users’ dedication to the app.

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Mike Isaac
June 16, 2022, 12:21 p.m. ET

Mr. Musk appears to be on his cell phone broadcasting from a hotel room.

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Credit....
Mike Isaac
June 16, 2022, 12:19 p.m. ET

OK, we're back. Mr. Musk is talking about how he appreciates how people could potentially “make a living on Twitter.”

One thing he has underscored: “Freedom of speech, and Freedom of reach.”

Jason Karaian
June 16, 2022, 12:17 p.m. ET

During this lull, let's check in on the markets. It's ugly out there today, but Twitter has held up reasonably well, down just 1 percent. But its stock is still far below the price Mr. Musk offered to buy the company, a sign of doubts that the deal will get done.

Jason Karaian
June 16, 2022, 12:18 p.m. ET

It’s a different story at Tesla, the main source of Mr. Musk’s considerable wealth, which is down 8 percent. The electric carmaker has lost about half of its value this year.

Mike Isaac
June 16, 2022, 12:16 p.m. ET

Elon’s audio appears to be terrible. Some Twitter employees are having difficulty understanding his answer.

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Mike Isaac
June 16, 2022, 12:13 p.m. ET

Ms. Berland asked Mr. Musk why he loves Twitter, which he has said he does in the past.

Mike Isaac
June 16, 2022, 12:11 p.m. ET

Ms. Berland just asked Mr. Musk if he would do another event. He agreed.

Mike Isaac
June 16, 2022, 12:10 p.m. ET

The meeting is beginning. Parag Agrawal, Twitter's chief executive, is introducing Mr. Musk by thanking him.

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Credit...Twitter
Mike Isaac
June 16, 2022, 12:09 p.m. ET

Employees are saying that the meeting is running unusually late, even by Twitter standards. Though some former Tesla employees who now work for Twitter say that this is fairly standard for Elon.

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Mike Isaac
June 16, 2022, 12:06 p.m. ET

The meeting appears to be starting late. Not surprising.

Mike Isaac
June 16, 2022, 12:06 p.m. ET

Here’s a late entry to the list of questions, one that may be contentious for Mr. Musk — “When you assume ownership of this company, do you intend to continue to make factually incorrect statements about Twitter products and operations, and to publicly disparage its employees?”

Mike Isaac
June 16, 2022, 12:03 p.m. ET

Since the call with Mr. Musk is only scheduled for 45 minutes, employees said many of the questions are some version of “when can we have an opportunity to do this again?”

Lauren Hirsch
June 16, 2022, 11:52 a.m. ET

What Musk has said about the Twitter deal so far.

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Twitter’s headquarters in San Francisco. Credit...Jim Wilson/The New York Times

In April, Elon Musk signed a deal to acquire Twitter for about $44 billion. He has been sowing doubt about it ever since.

Since Mr. Musk signed the agreement, he has questioned the accuracy of Twitter’s public disclosures about the percentage of fake accounts on its social media platform. His skepticism has coincided with a massive slide in the value of technology stocks, including Tesla, the electric carmaker he runs that is the main source of his wealth, which analysts have interpreted as an attempt to renegotiate or get out of the deal.

He first voiced concerns about going through with the purchase in May, tweeting that the deal was “on hold” until he had more details about the volume of spam and fake accounts on the platform. But hours later, he said he was “still committed” to the acquisition.

A week after that, he said striking a deal for Twitter at a lower price was “not out of the question.”

This month, he accused Twitter of blocking his attempts to get information vital to closing the deal, giving him the right, he said, to walk away. Days later, Twitter gave Mr. Musk access to its “firehose” of data about its millions of daily tweets.

Despite Mr. Musk’s apparent jitters, Twitter has made clear that it intends to close the deal at the agreed price. While lawyers have speculated that Mr. Musk may be trying to lay the claim that Twitter’s bot count amounts to a “material adverse change” in the company’s business, they note that Twitter’s disclosures on fake accounts have not changed since it went public. And efforts to renegotiate or kill a deal on such grounds are rarely successful in court.

The deal includes $1 billion breakup fee if certain conditions are met. It also includes a “specific performance clause,” which gives Twitter the right to sue Mr. Musk and force him to complete or pay for the deal, so long as the debt financing he has arranged remains intact.

Despite these twists and turns, advisers on both sides have continued to work on the deal, which is expected to close by Oct. 24, assuming regulators approve it in time.

Investors continue to have doubts about the deal, as shares of Twitter continue to trade well below Mr. Musk’s offer price of $54.20 a share. Twitter’s stock opened at around $38 on Thursday.

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Lauren Hirsch
June 16, 2022, 10:34 a.m. ET

Musk takes questions from Twitter employees for the first time.

Elon Musk, Twitter’s would-be owner, fielded questions on Thursday from “tweeps,” as Twitter employees are known, underscoring “Freedom of speech, and Freedom of Reach” in a discussion where he appeared to be talking into his phone and often had audio issues.

Mr. Musk attended a virtual all-hands meeting as his $44 billion acquisition of the company, announced in April, continues to move ahead — despite Mr. Musk’s hand-wringing about bot accounts on the site, which many analysts have interpreted as an effort to get out of the deal or lower its price tag.

The meeting has been a long time coming. Mr. Musk was supposed to take questions from employees after Twitter appointed him to its board in April, but that appearance was scrapped after he changed his mind and tried to buy the company instead. His first question was if he would do another event, given that Thursday’s 45-minute meeting wasn’t likely enough time to answer all of the many questions collected over the past few days. He agreed to appear again.

He said WeChat, the Chinese social media and payments app, could be a possible vision for Twitter and said he appreciated people “making a living on Twitter.”

Doing a Q. and A. session after announcing a deal to buy a company is a standard part of the mergers and acquisitions playbook, but the Twitter deal has been far from typical. Plummeting shares of technology stocks, including those of Tesla, a main source of Musk’s wealth, have coincided with what has appeared to be some hesitation on Mr. Musk’s part, and his erratic flurry of deal-related tweets has sent advisers, investors and employees scrambling.

This month, Mr. Musk accused the company of stonewalling his efforts to get more information about how it calculates the number of fake or spam accounts, which he said could give him the right to abandon the deal. Days later, Twitter agreed to give Mr. Musk access to its “firehose,” a stream of millions of tweets. Despite the public back-and-forth, advisers continue to work toward completing a deal, which is expected to close by Oct. 24, assuming regulators approve it by then.

Some investors doubt whether Mr. Musk will take the deal to the finish line, with Twitter continuing to trade well below Mr. Musk’s $54.20 takeover price. If he tries to pull out of the deal, there’s a $1 billion breakup fee, as well as a clause that gives Twitter the right to sue him to close, if his financing is intact. Twitter’s lawyers, who are ready to take Mr. Musk to court if necessary, are sure to be taking studious notes during Thursday’s Q. and A.

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