Twitter’s India-born CEO Parag Agrawal has told worried employees that he doesn’t know what direction this company will go in once the whopping USD 44 billion deal, which will take the social media giant private, closes with new owner billionaire Elon Musk.
The remarks by Agrawal, who took over the helm of the social networking giant just five months ago, came during a meeting with Twitter employees on Monday afternoon after the company said it had accepted Musk’s offer to buy it for about $44 billion.
It’s important to acknowledge that all of you have many different feelings about what is happening, The New York Times newspaper quoted Agrawal as saying.
The American daily, which listened to the meeting, said that Agrawal told employees that he estimated the deal might take three to six months to complete.
At this moment, we operate Twitter as we always have,” he said, adding that how we run the company, the decisions we make, and the positive changes we drive will be on us and under our control.
Uncertainty now hangs over the fate of Twitter employees, who voiced concern over layoffs in the wake of the acquisition by Musk.
The NYT report added that it is unclear how hands-on Musk plans to be at Twitter.
Among the unanswered issues are whom he might pick to lead the company and how involved he would be in running the service, adding that Agrawal is expected to remain in charge at least until the deal closes.
The NYT report added that in the team member meeting, Agrawal acknowledged the uncertainty ahead.
Once the deal closes, we don’t know what direction this company will go in, 37-year-old Agarwal said.
Upon completion of the transaction, Twitter will become a privately held company.
The transaction, which the Twitter Board has unanimously approved of Directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals, and the satisfaction of other customary closing conditions.
On Monday, as Twitter Chairman Bret Taylor announced that Tesla and SpaceX founder Musk would acquire the company, Agrawal tweeted, Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.
The NYT report said that in the meeting with Twitter employees, Agrawal and Taylor nodded to the day’s emotions and how workers were most likely processing the news of a sale.
Agrawal said compensation would remain largely the same under Musk, but the NYT report said he did not make the same assurances about Twitter’s policies and culture.
Agrawal told employees that their stock options would convert to cash when the deal closed. The NYT report said that employees would receive the same benefits packages for a year after the deal was finalized.
In response to whether former President Donald Trump, who was permanently suspended from the social networking site in January 2021, would be allowed back on the platform, Agrawal said We constantly evolve our policies.
Following the acquisition, Musk, the world’s wealthiest person, said, Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans. Twitter has tremendous potential. I look forward to working with the company and the community of users to unlock it,” the 50-year-old Tesla CEO said.
The social media site’s co-founder Jack Dorsey, who had stepped down in November last year, had declared that his trust” in Agrawal as our CEO is bone-deep when he had named the India-born executive as Twitter’s new CEO on November 29, 2021.
Dorsey had said that after almost 16 years at the company, he had decided it was finally time for him to leave, and the first reason he had given for why it was the right time for his departure was Parag becoming our CEO.”
“The board ran a rigorous process considering all options and unanimously appointed Parag. He’s been my choice for some time, given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around. He’s curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul and is someone I learn from daily. My trust in him as our CEO is bone-deep,” Dorsey had said.
Agrawal had said in a note posted on Twitter that he was honored and humbled by his appointment and expressed gratitude for Dorsey’s continued mentorship and your friendship.
An IIT Bombay and Stanford alumnus, Agrawal, had joined Twitter 10 years ago when there were fewer than 1,000 employees.
While it was a decade ago, those days feel like yesterday to me. I’ve walked in your shoes; I’ve seen the ups and downs, the challenges and obstacles, the wins and the mistakes. But then and now, above all else, I see Twitter’s incredible impact, our continued progress, and the exciting opportunities ahead of us, he had said in the post following his appointment. Our purpose has never been more critical. Our people and our culture are unlike anything in the world. He had said that there is no limit to what we can do together.
We recently updated our strategy to hit ambitious goals, and I believe that strategy to be bold and correct. But our critical challenge is how we work to execute against it and deliver results – that’s how we’ll make Twitter the best it can be for our customers, shareholders, and each of you.
The world is watching us even more than they have before. Many people are going to have lots of different views and opinions about today’s news. It is because they care about Twitter and our future, and it’s a signal that the work we do here matters, Agrawal had said.