Twitter CEO Parag Agrawal acknowledged the chance that Elon Musk’s deal to buy the corporate might fall by way of in a collection of tweets this afternoon that sought to clarify why he’s shaking up Twitter’s management. Agrawal stated that he’s nonetheless “accountable for main and working” Twitter in the intervening time and that his current adjustments are supposed to “construct a stronger Twitter” and assist handle prices.
“Whereas I count on the deal to shut, we must be ready for all eventualities and all the time do what’s proper for Twitter,” Agrawal stated.
His remarks come after Musk tweeted this morning that his $44 billion buy of Twitter is “briefly on maintain” over considerations about spam and pretend accounts. Whereas it’s fully unclear whether or not Musk can really pause the deal — Matt Levine at Bloomberg says placing a deal on maintain “will not be a factor” — the remarks had been nonetheless sufficient to ship Twitter’s inventory plummeting round 10 % in the present day, scaring off traders over the priority that the settlement might fall by way of.
Whereas I count on the deal to shut, we must be ready for all eventualities and all the time do what’s proper for Twitter. I’m accountable for main and working Twitter, and our job is to construct a stronger Twitter every single day.
— Parag Agrawal (@paraga) Might 13, 2022
Agrawal now has two sizable issues: Musk, who’s threatening to tug out of the deal, and his personal firm, which has now been shaken each by the chaotic acquisition deal and Agrawal’s newly introduced hiring freeze and dismissal of two high product leaders.
On Thursday, Agrawal introduced the departures of Kayvon Beykpour and Bruce Falck, who led Twitter’s client and income merchandise, respectively. He additionally introduced that the corporate was “pausing most hiring and backfills” and making an attempt to cut back prices elsewhere.
“I gained’t use the deal as an excuse to keep away from making essential choices for the well being of the corporate, nor will any chief at Twitter,” Agrawal wrote in the present day. He stated to “count on extra change for the higher” whereas he stays CEO.