Elon Musk takes over Twitter, one of the most popular social media platforms in the world, for a whopping $44-billion cash deal.
The 16-year-old company will be a private entity and wholly owned by the celebrity CEO of Tesla after the deal is complete.
Twitter Inc. employees reacted on the takeover with a mix of enthusiasm, fear, and humor, as people who work for the social-media network tried to anticipate their future at a company owned by the unpredictable billionaire.
However, Twitter CEO Parag Agrawal clarified what this deal would mean for employees. There are no plans for any layoffs at this point.”
Commenting on the possibility of Layoffs, Agrawal told employees that there will not be any big change before the deal closes by the end of this year.
‘There are no plans for any layoffs at this point,’ CEO assured employees at this point. “Between now and closing … we will continue making decisions as we’ve always had, guided by the principles we’ve had,” he said.
Further, he added, “That doesn’t mean things won’t change, things have been changing … I have been talking about driving positive change at the company, and I will continue doing so because it makes us better and it makes us stronger. Once the deal closes, different decisions might be made.”
Bret Taylor, chairman of Twitter’s board of directors, aimed to reassure employees that the agreement with Musk prioritized “operating continuity” until the deal was closed.
“I think we feel very comfortable that (the deal) gives this team the ability to continue to make to make the company successful in between signing and closing the transaction,” Taylor said.
Musk will join Twitter staff for a question-and-answer session at a later date, the company told employees.
Agrawal further said on the salary structure part, “As Twitter will become a private entity, Musk has to chalk out a new structure to pay the employees. There will be no stock options for employees anymore.”
It is also clear that Agrawal will remain in his position till the deal is formalised and completed. Once the deal is closed the Twitter board will most likely be dissolved.
Paral Agrawal took charge as the chief executive officer of Twitter just five months back, after succeeding co-founder Jack Dorsey.
