New York| After billionaire Elon Musk bought Twitter, the company’s CEO Parag Agarwal told worried employees that he did not know which direction the company would go after the huge $44 billion deal. He said this in a meeting with the employees of the company on Monday afternoon. Agarwal took charge of Twitter just five months ago.
Twitter’s board has approved Musk’s nearly $44 billion takeover bid, making him one step closer to owning the social media platform. The deal is expected to close this year, but has yet to be approved by shareholders and US regulators.
“It’s important to acknowledge that you all have different feelings about what’s happening,” Agarwal was quoted as saying by the New York Times newspaper. That the deal may take three to six months to complete. “In the meantime, we will continue to operate Twitter as we always did,” he said. will be under our control.
However, uncertainty now looms over the fate of Twitter employees, who feared layoffs in the wake of an acquisition by Musk.
According to the New York Times report, it is not clear what Musk’s plans are with Twitter. The report said that there is still no answer to the question as to who he would choose to lead the company. However, Agarwal is expected to stay on till at least the deal is completed.
According to the report, at the staff meeting, Agarwal acknowledged the uncertainty ahead. “We don’t know where this company will go once the deal is completed,” he said. Twitter will become a private company after the transaction is completed. Musk offered to buy Twitter on April 14. Musk has said he wants to buy Twitter because he doesn’t think it is living up to its potential as a platform for free expression. Twitter’s board on Monday unanimously approved his proposal and recommended shareholders to do the same. The deal happened with a 38 percent premium to Twitter’s closing price on April 1. The board said it offered Musk a substantial cash premium that “would be the best path forward for Twitter shareholders.”
Twitter’s board initially tried to block Musk from taking over, but things changed dramatically when Musk made an offer of $46.5 billion, saying that $21 billion would be invested by him himself. Musk said other investors can contribute as well. Musk has extensive business experience.
He is the CEO of Tesla, which is about 25 times the size of Twitter.