Entertainment

Twitter CEO: ‘We need to be prepared for all scenarios’


Twitter CEO Parag Agrawal has acknowledged the possibility that Elon Musk’s deal to buy the company could fail in a series of tweets this afternoon which sought to explain why he is upsetting the direction of Twitter. Agrawal said he is still “responsible for the direction and operation” of Twitter at this time and that his recent changes are aimed at “building a stronger Twitter” and helping manage costs.

“While I expect the deal to go through, we need to be prepared for all scenarios and always do what’s right for Twitter,” Agrawal said.

His remarks come after Musk tweeted this morning that his $44 billion Twitter buy was “temporarily suspended” due to spam and fake account issues. Although it’s completely unclear if Musk can actually put the deal on hold – Matt Levine at Bloomberg says putting a deal on hold “isn’t a thing” – the remarks were still enough to send Twitter shares down around 10% today, scaring investors into fears the deal could fall through.

Agrawal now has two big problems: Musk, who is threatening to pull out of the deal, and his own company, which has now been rocked by the chaotic takeover deal. and Agrawal’s recently announced hiring freeze and the firing of two major product leaders.

On Thursday, Agrawal announced the departures of Kayvon Beykpour and Bruce Falck, who ran Twitter’s consumer and revenue products, respectively. He also announced that the company was “pausing most hiring and replacements” and trying to cut costs elsewhere.

“I will not use the deal as an excuse to avoid making important decisions for the health of the company, nor any Twitter executive,” Agrawal wrote today. He said he “expects more change for the better” while he remains CEO.

In a follow-up to his “temporarily pending” tweet on Friday morning, Musk noted that he was “still committed to the acquisition.” On Friday evening, Twitter President Bret Taylor said in a quote tweet that “us too. We remain committed to our agreement.

Updated May 13, 8:10 p.m. ET: Added Bret Taylor’s tweet.




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