- Advertisment -
- Advertisment -

Twitter CEO expects Musk deal to close but is preparing for other scenarios


- Advertisment -

Parag Agrawal named Twitter CEO on Nov 29th, 2021.

Courtesy: Twitter

Twitter CEO Parag Agrawal said Friday that he still expects the sale to Elon Musk to go through, but he’s continuing to run the company in case it doesn’t.

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

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

But Musk may not be able to easily walk away. He’d be on the hook for a $1 billion breakup fee and could face a breach of contract lawsuit that would cost him billions more, CNBC reported earlier.

Agarwal’s comments through a series of tweets come a day after the company said it was freezing hiring, rescinding offers and cutting costs. Two executives also left the company, including head of consumer Kayvon Beykpour, who said Agarwal asked him to leave.

“People have also asked: why manage costs now vs after close?” Agarwal wrote. “Our industry is in a very challenging macro environment – right now. 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.”

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

Subscribe to CNBC on YouTube. 

WATCH: Elon Musk says he’s ‘still committed’ to Twitter deal

- Advertisement -

Must read

- Advertisement -

Latest news

Myer Australia slammed over offensive men’s and women’s underwear catalogue

Myer has been accused of having 'double standards' in its new catalogue which shows women of all shapes, sizes...

Eric Swalwell’s 4-year-old wants to know what he’s doing to help the people in Buffalo – twitchy.com

We already did one post on Rep. Eric Swalwell confirming that he’s just a garbage human being, telling his...

Kim Bordenave – Bio, Age, Net Worth, Height, Married, Nationality, Body Measurement, Career

Kim Bordenave is a well-known American-Canadian actress and model. Moreover, Kim Borndenave is best known as the ex-wife of...

FA Official ‘nearly in tears after finding Rebekah Vardy’s friends in seats at Euro 2016 game’

An FA official was nearly ‘in tears’ after being abused by friends of Rebekah Vardy who were sat in...
- Advertisement -

Texas judge invites Disney World to move to Fort Bend County as Florida cuts rights of ‘woke’ firm

A Texas judge said Disney World would be 'welcome' if it chooses to leave its Florida home after Gov....

Abbi Waxman, author of Adult Assembly Required shares seven things she’d like her readers to know

17 May 20221. I have far too many animals. Currently I am hosting three dogs, three cats, four chickens,...
- Advertisement -
- Advertisement -

You might also likeRELATED
Recommended to you