Twitter CEO Parag Agrawal says he fired key executives due to ‘tough’ economy – TechCrunch


Twitter’s new CEO, Parag Agrawal, has remained largely silent during the company’s ongoing rollercoaster ride, even as its likely future owner, Elon Musk, continues to do the opposite.

But Agrawal finally broke his silence after a particularly tumultuous week at the company, which saw him ousting two key executives, Twitter product manager Kayvon Beykpour and Bruce Falck, who ran the revenue side of the company. business.

“The truth is, this isn’t how and when I imagined leaving Twitter, and it wasn’t my decision,” Beykpour said. said of the surprise decision, which happened while he was on paternity leave. Beykpour explained that Agrawal asked him to leave the company due to a desire to take the consumer team “in a different direction.”

In his new tweet thread, Agrawal deftly said a lot without saying much substance, a classic CEO skill not really shared by his often laid-back and improvisational predecessor.

Agrawal explained that he expects the deal with Musk to go through, but that under his leadership, Twitter needs to “be prepared for all scenarios.” His comments primarily refer to the current economic climate, in which the tech industry and the broader stock market have slumped from recent highs. Startups and tech giants are battening down the hatches, cutting costs and implementing hiring freezes to weather the storm. According to Agrawal, Twitter is doing the same.

“People have also asked, why manage costs now instead of after the close?” said Agrawal. “Our industry finds itself in a very difficult macroeconomic environment – ​​right now. I will not use the agreement as an excuse to avoid making decisions that are important to the health of the business, and no Twitter executive will. more.

What’s less clear is how Agrawal’s decision to remove influential executives from the company aligns with the vision Musk has in store. While Twitter has languished for the better part of a decade without new products or satisfying growth for investors, the company has looked like a very different beast over the past year, shipping new consumer products left and right. right, solving difficult problems like harassment and experimenting with new sources of income to free him from publicity. Whatever the ultimate meaning of Agrawal’s moves, the company appears to be changing course, shedding two figures who laid a lot of recent groundwork for growth in the process. Whether Agrawal will survive this process and persist into the Musk era is anyone’s guess at this point.

Meanwhile, Musk’s side show continues. The Tesla and SpaceX CEO is technically locked into the Twitter deal at this point, but he’s continuing to wreak havoc and rack up likely fines from the SEC in the meantime. On Friday, Musk cast doubt on all of that, saying the deal was “temporarily on hold” as he looked at the social network’s ratio of bots to live accounts, just one of the platform’s many existential problems. form but he who happens to be his pet problem.

At the time of writing, this supposed development was not supported by any financial documents or corroborating evidence. While it’s possible that Musk is trying to back off or reevaluate his purchase in some way, it’s just as likely that the notoriously mercurial billionaire is just tweeting his passing thoughts, a stream of consciousness, the SEC fines be damned, in this case to the detriment of the company he is ostensibly trying to buy.



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