Twitter’s new CEO Parag Agrawal has largely remained silent by way of the corporate’s ongoing rollercoaster trip, at the same time as its probably future proprietor Elon Musk continues to very a lot do the other.
However Agrawal lastly broke his silence following an particularly tumultuous week on the firm, which noticed him oust two key executives, Twitter’s head of product Keyvon Beykpour and Bruce Falck, who led the income facet of the corporate.
“The reality is that this isn’t how and once I imagined leaving Twitter, and this wasn’t my resolution,” Beykpour mentioned of the shock resolution, which occurred whereas he was out on paternity depart. Beykpour defined that Agrawal requested him to depart the corporate attributable to a want to take the buyer group “in a unique course.”
In his new tweet thread, Agrawal deftly mentioned quite a bit with out saying a lot of substance, a basic CEO ability not likely shared by his typically informal, off-the-cuff predecessor.
We introduced adjustments to our management group and operations yesterday. Modifications impacting individuals are all the time onerous. And a few have been asking why a “lame-duck” CEO would make these adjustments if we’re getting acquired anyway. The brief reply may be very easy:
— Parag Agrawal (@paraga) Might 13, 2022
Agrawal defined that he does count on the Musk deal to shut, however that underneath his watch, Twitter must “be ready for all eventualities.” His feedback principally gesture on the present financial local weather, wherein the tech business and the broader inventory market have come crashing down from latest highs. Startups and tech giants alike are battening the hatches, trimming prices and placing hiring freezes in place to climate the storm. Based on Agrawal, Twitter is doing the identical.
“Folks have additionally requested: why handle prices now vs after shut?” Agrawal mentioned. “Our business is in a really difficult macro atmosphere – proper now. I received’t use the deal as an excuse to keep away from making vital choices for the well being of the corporate, nor will any chief at Twitter.”
What’s much less clear is how Agrawal’s resolution to chop influential leaders within the firm squares with no matter imaginative and prescient Musk has in retailer. Whereas Twitter languished for the higher a part of a decade with out new merchandise or investor-pleasing development, the corporate has regarded like a really totally different beast during the last yr, transport new shopper merchandise left and proper, fixing for onerous issues like harassment and experimenting with new income streams to set it free from promoting. No matter Agrawal’s strikes in the end imply, the corporate seems to be switching tracks, eliminating two figures who laid a whole lot of latest groundwork for development within the course of. If Agrawal will survive that course of and stick it out into the Musk period is anybody’s guess at this level.
In the meantime, the Musk sideshow goes on. The Tesla and SpaceX CEO certainly appears to be like to be locked into the Twitter deal at this level, however he continues to sow chaos and rack up probably SEC fines nonetheless. On Friday, Musk solid doubt over the entire thing, claiming that the deal is “quickly on maintain” as he evaluations the social community’s ratio of bots to actual accounts, simply one of many platform’s many existential points however the one which occurs to be his pet subject.
On the time of writing, that supposed growth wasn’t supported by any monetary filings or corroborating proof. Whereas it’s doable Musk is making an attempt to again out or re-price his buy someway, it’s simply as probably that the notoriously mercurial billionaire is simply tweeting his passing ideas stream of consciousness-style, SEC fines be damned, on this case to the detriment of the corporate he’s ostensibly making an attempt to purchase.