San Francisco-based Twitter has agreed to be acquired by Elon Musk in a $44 billion deal.
Photo:
amy osborne/Agence France-Presse/Getty Images
Twitter Inc.’s
TWTR -9.67%
chief executive said more changes were in store for the social-media company a day after he announced a hiring freeze and spending cuts to employees.
Parag Agrawal,
who described himself as a “‘lame-duck” CEO amid a $44 billion takeover bid by
Elon Musk,
said in a tweet thread Friday: “Regardless of the company’s future ownership, we’re here improving Twitter.”
Twitter CEO Parag Agrawal
Photo:
Twitter/Agence France-Presse/Getty Images
Mr. Agrawal tweeted hours after Mr. Musk said the deal was “temporarily on hold” over concerns about fake accounts on the platform. Later, the billionaire and
Tesla Inc.
TSLA 5.71%
chief tweeted that he was “still committed to the acquisition.”
“While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter,” Mr. Agrawal said in a tweet.
Mr. Agrawal added that the cutbacks he disclosed for Twitter this week reflect “a very challenging macro environment.” Rising inflation and Russia’s invasion of Ukraine have dented advertising spending broadly after a pandemic-fueled high.
The Twitter boss said he was prepared for “making hard decisions as needed” going forward, adding “you can expect more change for the better.”
Twitter has gone through a tumultuous period in recent years. It set ambitious revenue and user growth targets after a fight with activist Elliott Management Corp. In recent weeks the company has been whipsawed after Mr. Musk made the surprise announcement he had acquired a large stake in the company and later made his unsolicited offer to buy Twitter, culminating in a roughly $44 billion deal late last month.
Write to Meghan Bobrowsky at [email protected]
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