*In a series of tweets released today, twitter CEO Parag Agrawal believes that Elon Musk's acquisition of the company is likely to fail *. Agrawal said he is still "responsible for leading and running" Twitter, and his recent change is to "build a stronger twitter" and help manage costs.
"While I expect the deal to be completed, we need to be prepared for all situations and always do what's good for twitter," Agrawal said. His remarks came after musk tweeted this morning that his $44 billion acquisition of twitter had been "put on hold" for fear of spam and false accounts. Although it is completely unclear whether musk can really suspend the transaction - Matt Levin of Bloomberg said that putting the transaction on hold "is not an easy thing" - these words are still enough to make Twitter's shares plunge by about 10% today, scaring away investors worried about the possible failure of the agreement.
Agrawal now has two big problems. Musk threatened to withdraw from the deal, and his own company has now been shaken by the chaotic acquisition deal and Agrawal's recently announced freeze on recruitment and dismissal of two top product leaders. On Thursday, Agrawal announced the departure of kayvon beykpour and Bruce Falck, who lead Twitter's consumer and revenue products, respectively. He also announced that the company was "suspending most recruitment and replenishment" and trying to reduce costs in other areas.
Agrawal wrote today: "I will not use the deal as an excuse to avoid making important decisions for the company's health, nor will any leader of twitter do so. He said that during his tenure as CEO," I expect more changes to make it better ".