Twitter's CEO Still Expects Elon Musk To Complete Takeover Despite Delay
Is Elon Musk going to bail on his takeover of Twitter? The company’s current CEO doesn’t seem to think so.
On Friday, Twitter head Parag Agrawal published a thread addressing the challenges facing the company, hours after Musk abruptly decided to halt his takeover bid.
“While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter,” Agrawal wrote. “I’m accountable for leading and operating Twitter, and our job is to build a stronger Twitter every day.”
Agrawal made the statement while explaining why this week he fired two company executives and implemented a hiring freeze. "Some have been asking why a 'lame-duck' CEO would make these changes if we’re getting acquired anyway," he wrote. However, Agrawal responded by saying "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.
In addition, the tough economic conditions facing the US are prompting Agrawal to act. “People have also asked: why manage costs now vs after close? Our industry is in a very challenging macro environment — right now,” he said. “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.”
Musk decided to temporarily halt his takeover bid out of apparent concern Twitter may be miscounting the percentage of spam and fake accounts over the platform. “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” he said in a tweet(Opens in a new window)
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