'No one working just to keep lights on, expect changes': Twitter CEO Parag Agrawal amid Elon Musk jolt
He further wrote: "Changes that affect individuals are usually difficult. Some have questioned why a "lame-duck" CEO would make these adjustments if we were going to be purchased anyhow. The quick answer is straightforward."
Twitter CEO Parag Agrawal has detailed the recent leadership changes in the microblogging site's staff and stated that the agreement with Elon Musk is still on track. In a lengthy Twitter thread made early Saturday, Agrawal stated that a lot had transpired in the firm over the last several weeks and that, while he had not yet spoken publicly about it, he would do so now. Parag Agrawal's lengthy thread occurred shortly after he fired two top Twitter executives, and Elon Musk announced that the Twitter takeover proposal had been placed on hold.
"A lot has transpired in the last several weeks. I've been focused on the firm and haven't spoken much publicly, but I will now. We announced changes to our leadership team and operations yesterday," Agrawal stated in a tweet. He further wrote: "Changes that affect individuals are usually difficult. Some have questioned why a "lame-duck" CEO would make these adjustments if we were going to be purchased anyhow. The quick answer is straightforward."
Agrawal stated that while the $44 billion Twitter transaction with Elon Musk was likely to conclude, the team needed to be prepared for all possibilities.
"While I expect the transaction to conclude, we must be prepared for any circumstance and always do what is best for Twitter." I'm responsible for leading and running Twitter, and our objective is to make it better every day," he stated. According to Agrawal, no one worked at the firm solely for the purpose of working there. "No one at Twitter works only to keep the lights on. We are proud of our work. We're here to improve Twitter as a product and business for customers, partners, shareholders, and all of you, regardless of the company's future ownership," he added.
Elon Musk said in a tweet on Friday that his $44 billion purchase of Twitter had been halted, citing pending specifics on spam and bogus accounts as the cause. Later, he stated that he was "dedicated" to closing the sale.
The Twitter CEO noted that the social media business was now in a very difficult condition, pointing to Twitter's recent stock market drop as well as other Internet companies. He stated that he will continue to make difficult judgments as needed.
Elon Musk's Twitter takeover halt triggered the stock to drop 20% instantly on Friday, adding to the company's previous drop in market valuation. Twitter is currently worth around $13 billion less than Musk asked to purchase it. However, the Tesla CEO will be unable to walk away from the Twitter transaction as easily since he must pay a $1 billion break-up fee for violation of contract.