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Twitter CEO after Musk deal: Business as regular, no job cuts ‘at this time’

Twitter Inc. Chief Executive Officer Parag Agrawal and Chairman Bret Taylor instructed workers on Monday that the social community will maintain working as regular — together with with Agrawal on the helm — till the deal to promote the company to Elon Musk for $44 billion closes later this year. 

The deal was signed Monday morning, Agrawal instructed staff, including that Musk’s transaction to take the company personal might take as lengthy as six months to finish, in response to two folks with data of the meeting’s particulars. The CEO instructed staffers there could be no job cuts “at this time,” and when requested a few potential hiring freeze, Agrawal stated the company was nonetheless working by means of hiring plans earlier than the deal formally closes.

Agrawal held an all-hands meeting Monday afternoon through video to elucidate the Twitter board’s resolution to promote the company to the billionaire Tesla Inc. CEO. Musk, the world’s richest man, who plans to buy Twitter for $54.20 per share, was notably absent from the decision. Agrawal was joined by Taylor, who can be Salesforce Inc.’s co-CEO, however no different board members have been in attendance, together with former CEO and Twitter co-founder Jack Dorsey. 

Twitter workers have been dwelling in a state of uncertainty for weeks since Musk introduced his supply to amass the social networking service. Musk is an avid Twitter person, usually criticizing the company from his Twitter account, and many individuals dismissed his early efforts to purchase the company as a type of joke. But Musk finally secured financing to finish a deal, prompting the board to noticeably take into account his supply. 

The twists and turns left many workers confused and annoyed over the previous few weeks. Many workers internally have been vocally against a Musk deal, anxious that Musk’s brash, combative fashion will damage company tradition and alienate some workers. One worker who spoke with Bloomberg estimated that simply 10% of Twitter staff could be enthusiastic about Musk buying the company.  

In an electronic mail to workers earlier within the day, Agrawal famous that the deal is a “significant change and you’re likely processing what this means for you and Twitter’s future.” He reiterated throughout the meeting that the company was coming into a interval of uncertainty.

Read extra about Musk’s $44 billion deal to take Twitter personal

Musk has been vocal about his intention to make Twitter a haven for freedom of expression, and has derided content-moderation choices the platform has made previously. That has led to hypothesis {that a} Musk-owned Twitter would possibly permit extra offensive or harmful content material to proliferate on the location. 

On Monday, Agrawal acknowledged that will likely be Musk’s selection, saying the company makes choices for the well being of the general public dialog day by day, in response to one individual on the decision. Once the deal closes, he instructed staff, he doesn’t know which course the platform will go.

Agrawal reassured workers that their stock grants, which might make up a big a part of compensation, will proceed to vest within the meantime. Taylor additionally spoke at first of the decision, explaining the board’s fiduciary obligation. He stated that Twitter’s board would no longer exist after the deal is finalized. 

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