Twitter boss Parag Agrawal is trying to calm nerves after Elon Musk’s latest mayhem

Twitter CEO Parag Agrawal tried to exude calm on Friday after another tumultuous day at the social media company. The culprit, as always: Elon Musk, the had explained This Morning that he was temporarily suspending his $44 billion takeover bid while investigating the exact percentage of Twitter users who consisted of fake or spam accounts.

Musk later insisted he was “still committed” to the buyout, but investors were still concerned, sending Twitter shares down 10 percent by Friday afternoon.

In typical Musk form, the billionaire sidestepped corporate best practices by making the statements via tweet rather than filing an official securities filing.

Later that day also Agrawal brought to the platform to defend his leadership and recent senior management reshuffles. “While I expect the deal to go through, we need to be prepared for all scenarios and always do what’s right for Twitter. I’m responsible for leading and running Twitter, and our job is to build a stronger Twitter every day,” he wrote.

He also explained why he fired two of the company’s top executives earlier this week, although some observers perceive him as a “lame-duck” CEO.

“Regardless of future company ownership, we are here to improve Twitter as a product and business for customers, partners, shareholders and all of you,” he said. The company is largely freezing hiring to reduce its overhead costs.

Agrawal, seemingly contrasting himself with Musk, added: “You won’t see any tweets from me about ‘topic of the day’ or loudest sound bite, but rather about the ongoing, continuous and challenging work our teams are doing to improve the public conversation on Twitter.”

Viewers were initially skeptical of Musk’s decision to pause on the buyout. Wedbush Securities equities analyst Daniel Ives called it a “bizarre tweet” that would send Twitter “into a Friday the 13th horror show.”

It wasn’t clear why Musk had allegedly developed new concerns about Twitter spam account estimates, given how little due diligence he’d done prior to his bid last month.

Armen Hovakimian, a professor of finance at Baruch College, said Musk’s motivations are difficult to pin down. He speculated that the billionaire was either just “musk,” trying to gain leverage and lower the takeover price, or testing the waters “if he can get out of the business entirely.” In the latter case, Hovakimian added, Tesla’s CEO could simply have the buyer’s remorse, or alternatively, the “financing package he [is] The use for this purchase is becoming more and more expensive.”

Hovakimian doubted Musk would want to fully step down, saying, “I don’t see why he needs this fuss if he wants to reverse the deal.” Additionally, leaving would likely and could trigger a $1 billion breakup fee Cost Musk even more after a legal battle.

As of early Friday, Twitter’s market cap had fallen to $31 billion, about 30 percent below Musk’s takeover bid.

https://www.thedailybeast.com/twitter-boss-parag-agrawal-tries-to-calm-nerves-after-elon-musks-latest-chaos?source=articles&via=rss Twitter boss Parag Agrawal is trying to calm nerves after Elon Musk’s latest mayhem

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