Twitter Inc TWTR CEO Parag Agrawal told employees no layoffs were being planned until Tesla Inc TSLA CEO Elon Musk’s $44 billion takeover deal closes later this year, The Verge reported on Monday, citing excerpts from a virtual call.
What Happened: Agrawal fielded questions about his future in the company, Twitter’s board and layoff plans, but the 37-year-old CEO did not have many “concrete answers” to offer on what would happen if Musk takes over the company.
“There is indeed uncertainty about what will happen after the deal closes,” the report said, citing Agrawal.
Twitter did not immediately respond to Benzinga's request for comment.
Why It Matters: Twitter employees during the early days of Musk’s hostile takeover bid expressed worries that the billionaire entrepreneur could “inflict damage to the company’s culture” and make it harder for people to do their jobs.
Agrawal had earlier this month reportedly informed employees that Musk would be part of an “ask me anything” (AMA) session. The “highly unusual” internal AMA was meant to “assuage anxious workers” after “internal outcries” over Musk’s planned appointment as a board member at the social media company.
Things, however, moved quickly after Musk first made an offer on April 14, just days after becoming the social media company's largest individual shareholder. He has vowed to defeat spambots and make Twitter a free speech area.
Price Action: Twitter shares closed 5.6% higher at $51.7 on Monday and were trading 0.4% up after the bell.
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