Twitter CEO expects Elon Musk acquisition to close, addresses spending cuts

Twitter CEO Parag Agrawal said he still expects the $44 billion Elon Musk acquisition to expire in 2022 despite the Tesla CEO tweeting recently that the deal is temporarily on hold.

“While I expect the deal to go through, we need to be prepared for all scenarios and always do what’s right for Twitter,” Agrawal said in a tweet on Friday. “I am responsible for leading and operating Twitter, and our mission is to build a stronger Twitter every day.”

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The deal, which would make the social media giant private at $54.20 a share, is on hold, and details pending back accounts indicating that fake and spam accounts account for less than 5% of Twitter users.

In the The first quarter of 2022Twitter’s monetable daily active user base grew 15.9% year-over-year to 229 million, including 39.6 million daily active users in the United States and 189.4 million international daily active users.

hold him before Pledge to crack down on spam bots To improve the user experience on Twitter. The self-described “Freedom of Expression” also expressed interest in coming up with an open source Twitter algorithm to increase transparency and said he would President Donald Trump’s ban.

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TWTR Twitter you. 40.70 -4.38 -9.72%

In order to close, the deal must also obtain shareholder and regulator approval and meet other usual closing conditions.

In a follow-up tweet on Twitter on Friday, Musk confirmed that he “remains committed” to completing the acquisition.

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Agrawal also touched on the company’s recent decision to cut “non-labor” spending.

“Our industry is in a challenging macro environment – right now,” he explained. “I will not use the deal as an excuse to avoid making important decisions about the health of the company, nor will I use it for any Twitter leader.”

In addition to spending cuts, Twitter has announced plans to temporarily halt most hiring and recharge, except for critical business roles.

Kayvon Beykpour, general manager of Twitter’s consumer products division, and Bruce Falk, revenue product leader, have both been released. Jay Sullivan, Twitter’s vice president of consumer products, will serve as general manager of BlueBird and interim general manager of Goldbird.

Parag Agrawal, CEO of Twitter, with a background for the Twitter brand on display before the 2020 Consumer Electronics Show (CES) at the Las Vegas Convention Center in Las Vegas, Jan. 5, 2020. (Robyn Bickle/AFP via Getty Images | Twitter/Getty Images)

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Agrawal says he will continue to “embrace the deep complexities” of Twitter and that users and investors should “expect more change for the better.” He added that he would try to “bring more transparency” to users regarding the company’s work.

“You won’t see tweets from me about ‘today’s topic’ or the top of the audio clip, but rather about the ongoing, ongoing, and hard work our teams are doing to improve the public conversation on Twitter,” he concluded.

Twitter’s stock ended Friday’s trading session down more than 9% to close at $40.69 a share. Inventory is down about 5% year-to-date and about 21% in the past year.

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