Twitter CEO Says It’s Business as Usual Until Deal Closes
(Bloomberg) — Twitter Inc. Chief Govt Officer Parag Agrawal and Chairman Bret Taylor informed personnel on Monday that the social network will hold operating as normal — like with Agrawal at the helm — until eventually the offer to sell the business to Elon Musk for $44 billion closes later on this year.
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The deal was signed Monday morning, Agrawal informed workers, introducing that Musk’s transaction to consider the organization private could just take as extended as six months to full, according to two persons with expertise of the meeting’s specifics. The CEO explained to staffers there would be no occupation cuts “at this time,” and when questioned about a probable hiring freeze, Agrawal reported the enterprise was however operating by way of selecting strategies right before the offer officially closes.
Agrawal held an all-hands assembly Monday afternoon via movie to describe the Twitter board’s selection to market the corporation to the billionaire Tesla Inc. CEO. Musk, the world’s richest man, who strategies to invest in Twitter for $54.20 per share, was notably absent from the phone. Agrawal was joined by Taylor, who is also Salesforce Inc.’s co-CEO, but no other board associates have been in attendance, together with previous CEO and Twitter co-founder Jack Dorsey.
Twitter staff members have been living in a state of uncertainty for weeks given that Musk declared his offer to get the social networking support. Musk is an avid Twitter person, often criticizing the corporation from his Twitter account, and quite a few people dismissed his early efforts to buy the firm as a form of joke. But Musk finally secured financing to total a offer, prompting the board to significantly contemplate his offer you.
The twists and turns left quite a few workers perplexed and frustrated above the past handful of months. Quite a few staff members internally have been vocally opposed to a Musk offer, nervous that Musk’s brash, combative type will hurt organization culture and alienate some workers. 1 personnel who spoke with Bloomberg estimated that just 10% of Twitter personnel would be energized about Musk getting the enterprise.
In an electronic mail to workers previously in the day, Agrawal mentioned that the deal is a “significant alter and you are very likely processing what this means for you and Twitter’s long term.” He reiterated all through the meeting that the corporation was getting into a time period of uncertainty.
Read extra about Musk’s $44 billion deal to get Twitter non-public
Musk has been vocal about his intention to make Twitter a haven for flexibility of expression, and has derided written content-moderation selections the system has built in the previous. That has led to speculation that a Musk-owned Twitter could possibly permit far more offensive or harmful content material to proliferate on the internet site.
On Monday, Agrawal acknowledged that will be Musk’s choice, saying the firm helps make choices for the wellness of the community dialogue every day, according to 1 human being on the phone. At the time the deal closes, he advised personnel, he doesn’t know which course the platform will go.
Agrawal reassured staff that their stock grants, which can make up a large section of payment, will go on to vest in the meantime. Taylor also spoke at the commencing of the simply call, outlining the board’s fiduciary duty. He said that Twitter’s board would no extended exist soon after the offer is finalized.
(Updates with aspects from CEO’s e-mail to personnel in sixth paragraph. An before variation of this tale was corrected in the second paragraph to reflect that decisions on employing plans, which include on a hiring freeze, are even now in flux.)
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