Twitter’s CEO Still Expects Elon Musk To Complete Acquisition Despite Delay

Will Elon Musk stand surety for his Twitter takeover? The company’s current CEO doesn’t seem to think so.

On Friday, Twitter head Parag Agrawal posted a thread about the challenges the company faces, hours after Musk abruptly decided to drop his takeover bid.

“While I expect the deal to be closed, we must be prepared for all scenarios and always do what is right for Twitter,” Agrawal wrote. “I am responsible for leading and operating Twitter, and our job is to build a stronger Twitter every day.”

Agrawal made the statement while explaining why he fired two company executives this week and introduced a staff freeze. “Some have wondered why a ‘lame-duck’ CEO would make these changes if we were acquired after all,” he wrote. However, Agrawal responded by saying, “No one at Twitter works just to keep the lights on.”

“We are proud of our work. Regardless of the company’s future ownership, we are here to improve Twitter as a product and business for customers, partners, shareholders and all of you,” he added.

In addition, the difficult economic conditions in the US require Agrawal to take action. “People have also asked, why manage costs now versus after closing? Our industry is currently in a very challenging macro environment,” he said. “I will not use the deal as an excuse to avoid important decisions for the health of the company, and neither will any leader at Twitter.”

Musk decided to temporarily suspend his takeover offer out of apparent concern that Twitter might be miscounting the percentage of spam and fake accounts on the platform. “Twitter deal temporarily on hold pending details to support calculation that spam/fake accounts do indeed represent less than 5% of users,” he said in a statement. tweet(Opens in a new window) early Friday morning.

“Still committed to acquisition,” he added in a follow-up tweet.

Nevertheless, the temporary hold has left many wondering if he intends to backtrack on the deal. Musk originally planned to use $21 billion of his own shares in Tesla to fund the takeover bid. Another $12.5 billion would come through margin loans that would use Musk’s investments as collateral. But since then, the value of Tesla’s stock has fallen from $1,028 to $769.

Recommended by our editors

If the takeover goes through, you can expect Musk to replace Agrawal with someone else. According to Reuters, Musk has already appointed a new executive to lead Twitter as CEO. In the meantime, Agrawal indicates that he plans to talk more publicly about his efforts to improve Twitter.

“So what can you expect from me going forward? I’m still focused on work, and that includes taking hard decisions when necessary,” he later wrote on Friday. add(Opens in a new window): “I will also try to bring more transparency to the work we do.”

“You won’t see tweets from me about the ‘topic of the day’ or the loudest sound bite, but rather the ongoing, continuous and challenging work our teams are doing to improve public conversation on Twitter,” Agrawal said.

What’s New Now<\/strong> to get our top stories delivered to your inbox every morning.”,”first_published_at”:”2021-09-30T21:30:40.000000Z”,”published_at”:”2022-03-29T17:10:02.000000Z”,”last_published_at”:”2022-03-29T17:09:22.000000Z”,”created_at”:null,”updated_at”:”2022-03-29T17:10:02.000000Z”})” x-show=”showEmailSignUp()” class=”rounded bg-gray-lightest text-center md:px-32 md:py-8 p-4 mt-8 container-xs”>

Get our best stories!

Sign up for What’s new now? to get our top stories delivered to your inbox every morning.

This newsletter may contain advertisements, offers or affiliate links. By subscribing to a newsletter, you indicate that you agree to our terms of use and privacy policy. You can unsubscribe from the newsletters at any time.

Leave a Reply

Your email address will not be published.