Business strategy

Twitter CEO Highlights Need to Prepare for Everything Amid Elon Musk Jolt, Wants Deal to Close

Twitter CEO Parag Agrawal has explained in detail regarding the recent leadership changes in the microblogging site’s team and said he still expects the deal with Elon Musk to sail through. In a long thread on Twitter posted on early Saturday, Agrawal said a lot has happened in the company over the past several weeks, and while he had not yet said anything publicly about it, he would speak now. Parag Agrawal’s long thread came soon after he fired two top executives of Twitter, and incidentally Elon Musk said the Twitter takeover deal was put on hold.

“A lot has happened over the past several weeks. I’ve been focused on the company and haven’t said much publicly during this time, but I will now,” Agrawal said in a tweet, adding, “We announced changes to our leadership team and operations yesterday. Changes impacting people are always hard. And some have been asking why a “lame-duck” CEO would make these changes if we’re getting acquired anyway. The short answer is very simple.”

Agrawal said while he expected the $44 billion Twitter deal with Elon Musk to close, the team needed to be prepared for all scenarios.

“While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter. I’m accountable for leading and operating Twitter, and our job is to build a stronger Twitter every day,” he said. No one was working at the company just for the sake of it, Agrawal said. “No one at Twitter is working just to keep the lights on. We take pride in our work. Regardless of the company’s future ownership, we’re here improving Twitter as a product and business for customers, partners, shareholders, and all of you,” he added.

Elon Musk had on Friday said in a tweet that his $44-billion takeover of Twitter was put on a hold, citing pending details on spam and fake accounts as the reason. Later, however, he said he was ‘committed’ to close the deal.

The Twitter CEO explained that the social media industry was at a very challenging situation at the moment, referring to Twitter’s recent crash at the stock market along with other tech stocks. He said he will continue to make hard decisions as needed. “I will also try to bring more transparency to the work that we do. You won’t see tweets from me on the ‘topic of the day’ or the loudest sound bite, but rather on the ongoing, continuous, and challenging work our teams are doing to improve the public conversation on Twitter,” he said.

Agrawal also thanked the team of Twitter for being focussed and agile during the challenging times. “Finally – so much gratitude for our whole Twitter team. They have stood strong and focused, sharp and agile. They’ve been doing the work, as they always have. Onward,” he wrote.

Elon Musk Twitter takeover pause caused the stock to sink 20 per cent immediately on Friday, which added to a recent plunge in the company’s market cap. Twitter is now about $13 billion less than what Musk offered to buy the company. However, the Tesla CEO will not be able to walk away from the Twitter deal as easily, since he has to pay a break up fee of $1 billion for breach of contract.

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