Parag Agrawal named Twitter CEO on Nov twenty ninth, 2021.
Twitter CEO Parag Agrawal said Friday that he nonetheless expects the sale to Elon Musk to undergo, however he is persevering with to run the corporate in case it would not.
“While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter,” Agarwal mentioned in a tweet. “I’m accountable for leading and operating Twitter, and our job is to build a stronger Twitter every day.”
Musk tweeted earlier on Friday that the deal is on maintain till he finds out extra particulars on what number of faux accounts, like spam bots, are on the platform. The inventory sank virtually 10%, including to a current plunge within the firm’s worth. It’s now price about $13 billion lower than Musk’s agreed upon bid final month of round $44 billion.
But Musk might not have the ability to simply stroll away. He’d be on the hook for a $1 billion breakup payment and will face a breach of contract lawsuit that will price him billions extra, CNBC reported earlier.
Agarwal’s feedback via a collection of tweets come a day after the corporate mentioned it was freezing hiring, rescinding affords and chopping prices. Two executives additionally left the corporate, together with head of shopper Kayvon Beykpour, who mentioned Agarwal requested him to go away.
“People have also asked: why manage costs now vs after close?” Agarwal wrote. “Our industry is in a very challenging macro environment – right now. I won’t use the deal as an excuse to avoid making important decisions for the health of the company, nor will any leader at Twitter.”
Agrawal added that he’ll attempt to carry extra transparency to the work Twitter is doing to enhance public conversations on the platform.
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