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Twitter has frozen employee equity award accounts.
The move comes as the deadline for striking a deal with Elon Musk approaches.
This week, the social media giant revised its employee FAQ page.
READ MORE: ELON MUSK UNDER INVESTIGATION OVER THE TWITTER TAKEOVER DEAL
Employees got alerted that they will be unable to access or trade shares via the Equity Award Center.
Familiar sources, the page was updated "in anticipation of the closing of the pending acquisition of Twitter by an entity controlled by Elon Musk."
The update reads: “This freeze allows Schwab to perform final reconciliation of employee accounts prior to close of the acquisition.”
Several employees' restricted stock units are set to vest early next month.
READ MORE: ELON MUSK WANTS TO BUY TWITTER FOR A LOWER PRICE OF AROUND $31 BILLION
Many staffers have been looking for new jobs and intend to resign once the stock vests.
A Twitter representative refused to comment.
The action indicates that Twitter plans to go ahead with the proposed deal.
Twitter's shares were up 1.9 percent following the announcement.
Musk and Twitter are reaching a deadline of October 28 to complete a $44 billion buyout that was initially disclosed in April.
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Musk previously attempted to withdraw his offer, driving Twitter to sue in order to seal the agreement.
A court postponed a trial set for this week to give the parties more time to arrange the details.
Staffers have been waiting for the sale to wrap with bated breath, and many are concerned about job losses.
Some employees have begun to give suggestions on how to prepare for layoffs on Blind, an anonymous app for employees to talk with one another.
Source: Bloomberg
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