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Twitter CEO: ‘We need to be prepared for all scenarios’

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Twitter CEO Parag Agrawal acknowledged the chance that Elon Musk’s deal to buy the corporate may fall by in a series of tweets this afternoon that sought to clarify why he’s shaking up Twitter’s leadership. Agrawal mentioned that he’s nonetheless “accountable for main and working” Twitter in the intervening time and that his latest adjustments are supposed to “construct a stronger Twitter” and assist handle prices.

“Whereas I count on the deal to shut, we have to be ready for all situations and at all times do what’s proper for Twitter,” Agrawal mentioned.

His remarks come after Musk tweeted this morning that his $44 billion purchase of Twitter is “temporarily on hold” over issues about spam and faux accounts. Whereas it’s completely unclear whether or not Musk can truly pause the deal — Matt Levine at Bloomberg says placing a deal on maintain “isn’t a factor” — the remarks had been nonetheless sufficient to send Twitter’s stock plummeting round 10 % right this moment, scaring off buyers over the priority that the settlement may fall by.

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 shopper and income merchandise, respectively. He additionally introduced that the corporate was “pausing most hiring and backfills” and making an attempt to scale back prices elsewhere.

“I received’t use the deal as an excuse to keep away from making necessary choices for the well being of the corporate, nor will any chief at Twitter,” Agrawal wrote right this moment. He mentioned to “count on extra change for the higher” whereas he stays CEO.

In a followup to his “quickly on maintain” tweet Friday morning, Musk famous that he was “nonetheless dedicated to acquisition.” On Friday night, Twitter chairman Bret Taylor mentioned in a quote tweet that “we’re too. We stay dedicated to our settlement.”

Replace Could thirteenth, 8:10PM ET: Added tweet from Bret Taylor.



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