Twitter CEO Parag Agrawal acknowledged the chance that Elon Musk’s deal to buy the corporate might fall by way of in a series of tweets this afternoon that sought to elucidate why he’s shaking up Twitter’s management. Agrawal mentioned that he’s nonetheless “accountable for main and working” Twitter in the interim and that his latest adjustments are supposed to “construct a stronger Twitter” and assist handle prices.
“Whereas I anticipate the deal to shut, we must be ready for all situations and all the time do what’s proper for Twitter,” Agrawal mentioned.
His remarks come after Musk tweeted this morning that his $44 billion buy of Twitter is “briefly on maintain” over issues about spam and faux 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 “just isn’t a factor” — the remarks had been nonetheless sufficient to ship Twitter’s inventory plummeting round 10 p.c in the present day, scaring off traders over the priority that the settlement might fall by way of.
Whereas I anticipate the deal to shut, we must be ready for all situations 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 day-after-day.
— Parag Agrawal (@paraga) May 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 prime 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 attempting 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 mentioned to “anticipate extra change for the higher” whereas he stays CEO.
In a followup to his “briefly 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 Might thirteenth, 8:10PM ET: Added tweet from Bret Taylor.