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regular-article-logo Friday, 03 May 2024
Barely 10% of workers excited about deal

Twitter CEO tells employees company is in the dark over future under Musk

After deal, we don't know which direction the platform will go: Parag Agrawal

Reuters Published 26.04.22, 07:44 AM
Parag Agrawal (L) with Twitter co-founder Jack Dorsey

Parag Agrawal (L) with Twitter co-founder Jack Dorsey Twitter/@paraga

Twitter Inc Chief Executive Parag Agrawal told employees on Monday that the future of the social media firm is uncertain after the deal to be taken private under billionaire Elon Musk closes.

He was speaking during a company-wide town hall meeting that was heard by Reuters. Musk will join Twitter staff for a question-and-answer session at a later date, the company told employees.

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As Agrawal listened to staff questions about Musk's plans for the company, the possibility of layoffs and the board's rationale for the deal, he deferred many questions as ones that should be asked of Musk.

Musk has said he believes Twitter should be a platform for free speech. Employees asked Agrawal whether former U.S. President Donald Trump, who was permanently suspended from Twitter last year, would be allowed to return once Musk takes over.

"Once the deal closes, we don't know which direction the platform will go," Agrawal said, referring to the question regarding Trump. "I believe when we have an opportunity to speak with Elon, it's a question we should address with him."

Agrawal also told employees there were no plans for layoffs. Bret Taylor, chair of Twitter's board of directors, aimed to reassure employees that the agreement with Musk prioritized "operating continuity" until the deal was closed.

"I think we feel very comfortable that (the deal) gives this team the ability to continue to make the company successful in between signing and closing the transaction," Taylor said.

According to Bloomberg, barely 10% of Twitter workers would be excited about Musk acquiring the company.

Twitter employees have been living in a state of uncertainty for weeks since Musk announced his offer to acquire the social networking service, ndtv.com reported, quoting a Bloomberg report.

Musk, an avid Twitter user, has often criticized the company from his Twitter account. Many have dismissed his early efforts to buy the company as a kind of joke. But Musk eventually secured financing to complete a deal, prompting the board to seriously consider his offer.

The deal was signed Monday morning, Twitter Chief Executive Officer Parag Agrawal told workers, adding that Musk's transaction to take the company private could take as long as six months to complete, according to two people with knowledge of the meeting's details.

Agrawal held an all-hands meeting Monday afternoon via video to explain the Twitter board's decision to sell the company to the billionaire Tesla Inc. CEO. Musk, the world's richest man, who plans to purchase Twitter for $54.20 per share, was notably absent from the call.

Agrawal was joined by Chairman Bret Taylor, who is also Salesforce Inc.'s co-CEO, but no other board members were in attendance, including former CEO and Twitter co-founder Jack Dorsey, the ndtv.com report said.

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