Agrawal had been at Twitter for almost a decade, most recently as chief technology officer, but his run as CEO was quickly disrupted by Musk’s arrival as a major shareholder and increasingly vocal antagonist of its current leadership.Īfter Musk showed up, it became clear that Agrawal was unlikely to keep his job. While visiting Twitter headquarters this week, Musk told employees that he doesn’t plan to cut 75 per cent of the staff when he takes over the company, according to people familiar with the matter.Īgrawal stepped into the CEO role in November, when co-founder Jack Dorsey unexpectedly resigned. Twitter’s chief legal officer Vijaya Gadde is another reported departure. The Delaware judge gave him an October 28 deadline to close the transaction and avoid the trial. On October 4, just as Musk was set to be deposed by Twitter’s lawyers ahead of the start of their trial later in the month, he performed another U-turn and offered to complete the deal as promised. Their view did not change even after Twitter’s former security chief Peiter Zatko stepped forward as a whistleblower in August to allege that the company failed to disclose weaknesses in its security and data privacy. Most legal analysts said Twitter had the strongest arguments and would likely prevail in court. Twitter accused Musk of buyer’s remorse, arguing he wanted to get out of the deal because he thought he overpaid. "We look forward to the next chapter of Twitter's story," managing partner Jesse Cohn said. "Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company.Agrawal had been at Twitter for almost a decade, most recently as chief technology officer, but his run as CEO was quickly disrupted by Musk’s arrival as a major shareholder and increasingly vocal antagonist of its current leadership.īy then, shares of social media companies and the broader stock market had plunged on concerns that the Federal Reserve’s interest rate hikes, as it seeks to fight inflation, will push the US economy into recession. Dorsey fended off the pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter's board.Įlliott also welcome the move. accused Dorsey of ignoring Twitter in favour of Square, and asked him to step down. Last year, New York hedge fund Elliott Management Corp. "Given greater exposure to live sports and entertainment than other social-media platforms, we believe Twitter may seek deals and focus on partnerships to improve its … positioning." "Jack Dorsey's exit as CEO is a good strategic move that could help Twitter speed user growth and expand advertisers beyond large brands," Singh said in a note to clients. Bloomberg Intelligence analyst Mandeep Singh says the move is a good one for the company which has fallen far behind other social media companies like Facebook, Snap and TikTok financially, at a time when demand for such services keeps rising.
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