Character Limit by Kate Conger & Ryan Mac

Author:Kate Conger & Ryan Mac [Conger, Kate & Mac, Ryan]
Language: eng
Format: epub
Publisher: Penguin Publishing Group
Published: 2024-09-17T00:00:00+00:00

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>>> After her late sit-down with Musk the night before, Gadde decided to work from home and avoid any possible mess that might await her at the office. She expected the deal might close that day, and Segal had confirmed her suspicions.

Most of the paperwork had been signed and cleared by lawyers, but Twitter still waited for all the money to arrive. For a massive deal brokered by the world’s leading banks and law firms, the process was extremely haphazard, Gadde told her associates. The sale of Twitter—one of the biggest moments in Silicon Valley history—had been reduced to a stochastic series of wire transfers.

Twitter’s bankers at Goldman Sachs sat refreshing the screens of their web browsers. They were logged in to view a third-party administered account, which held Musk’s payments in escrow until the total amount—$44 billion plus $2.5 billion in closing costs—was gathered in full. Gadde constantly called her bankers that afternoon, like a child on a family road trip. Are we there yet?

While she waited for Musk’s payment, Gadde also scrambled to get cash out the door for Savitt and his attorneys at Wachtell. After the board signed off on the $90 million invoice that morning, it was her duty to make sure the lawyers actually got paid before Twitter changed hands. Just after noon, Twitter’s accounting department approved the eye-popping wire transfer from the company’s Citibank account. At 3:50 p.m., just ten minutes before the deal closed, the transfer was posted.

Once Musk’s money arrived, the final step in the sale was Gadde’s. She had already signed her name to the merger certificate and nodded her approval for it to be sent off, officially relinquishing control of Twitter to Musk. Then her lawyers shipped the freshly signed document to Delaware’s Division of Corporations, the government agency that oversees the more than a million companies that claim the tiny state as their home.

Gadde sat back in her chair and let relief and grief wash over her in alternating waves. Her home office, lined with white bookshelves and artfully arranged plants, was strangely quiet after the frenetic sounds of her constantly buzzing phone died down.

She had sold Twitter.

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