The Twitter CEO expects the Musk deal to close but is preparing for all scenarios

Parag Agrawal was appointed CEO of Twitter on November 29, 2021.

Courtesy: Twitter

Twitter CEO Parag Agrawal said Friday that he still expects the sale to Elon Musk to go through, but if it doesn’t, he’ll continue with the company.

While I expect the deal to go through, we need to be prepared for all scenarios and always do what’s right for Twitter,” Agarwal said in a tweet. “I’m responsible for leading and running Twitter, and our job is to build a stronger company on Twitter every day.”

Musk tweeted earlier Friday that the deal is on hold until he finds out more details about how many fake accounts, like spam bots, are on the platform. The stock fell nearly 10%, contributing to a recent plunge in the company’s value. It’s now worth about $13 billion less than Musk’s roughly $44 billion offer agreed last month.

But the Tesla CEO billionaire might not just walk away. According to a previous CNBC report, he would be on the hook for a $1 billion breakup fee and could face a breach of contract lawsuit that would cost him billions more.

Agarwal’s comments in a series of tweets came a day after the company announced it would freeze hiring, withdraw bids and cut costs. Two executives also left the company, including head of consumer goods division Kayvon Beykpour, who said Agarwal asked him to leave.

“People have also asked: why manage expenses now and not after completion?” Agarwal wrote. “Our industry is in a very challenging macro environment – ​​right now. I will not use the deal as an excuse to avoid making important decisions for the health of the company, nor will any Twitter executive.”

Agrawal added that he will try to bring more transparency to Twitter’s work to improve public conversations on the platform.

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https://www.cnbc.com/2022/05/13/twitter-ceo-expects-musk-deal-to-close-but-preparing-for-all-scenarios.html The Twitter CEO expects the Musk deal to close but is preparing for all scenarios

Jane Marczewski

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