Twitter CEO Parag Agrawal acknowledged the possibility that Elon Musk’s deal to purchase the company could fall through in a series of tweets this afternoon that sought to explain why he’s shaking up Twitter’s leadership. Agrawal said that he’s still “accountable for leading and operating” Twitter for the time being and that his recent changes are meant to “build a stronger Twitter” and help manage costs.
“While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter,” Agrawal said.
His remarks come after Musk tweeted this morning that his $44 billion purchase of Twitter is “temporarily on hold” over concerns about spam and fake accounts. While it is entirely unclear whether Musk can actually pause the deal — Matt Levine at Bloomberg says putting a deal on hold “is not a thing” — the remarks were still enough to send Twitter’s stock plummeting around 10 percent today, scaring off investors over the concern that the agreement could fall through.
While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter. I’m accountable for leading and operating Twitter, and our job is to build a stronger Twitter every day.
— Parag Agrawal (@paraga) May 13, 2022
Agrawal now has two sizable problems: Musk, who’s threatening to pull out of the deal, and his own company, which has now been shaken both by the chaotic acquisition deal and…