Parag Agrawal was named CEO of Twitter on November 29, 2021.
“While I expect the deal to come to an end, 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 managing Twitter, and ours. the task is to build a Twitter every day. “
Musk tweeted early Friday that the the deal is on hold until he finds out more details about how many fake accounts, such as spam bots, are on the platform. The stock fell nearly 10%, adding to a recent decline in the company’s value. It is now worth about $ 13 billion less than Musk’s agreed at the time of the offer last month of about $ 44 billion.
But Musk may not be able to leave easily. He would be ready for a $ 1 billion breakout fee and could face a breach of contract lawsuit that would cost him billions more. CNBC previously reported.
Agarwal’s comments through a series of tweets come the day after the company he said he was freezing hiring, canceling offers and cutting costs. Two executives also left the company, including consumer chief Kayvon Beykpour, who said Agarwal asked him to leave.
“People also asked: Why manage costs now and after closing?” Agarwal wrote. “Our industry is in a very challenging macro environment right now. I won’t use the agreement as an excuse to avoid making important health decisions, nor will any Twitter leader.”
Agrawal added that he will seek to bring more transparency to the work Twitter is doing to improve public conversations on the platform.