Nearly a week after SpaceX CEO Elon Musk purchased Twitter for a whopping $44 billion, uncertainty hung over the company’s current management, including CEO Parag Agrawal. Musk, according to multiple media reports, has lined up a new CEO to lead Twitter. Earlier, during the SEC filing—a collection of regulatory documents submitted to the Securities and Exchange Commission in order to provide transparency and information to investors, analysts, and regulators—Musk reportedly expressed dissatisfaction with the company’s current management. Furthermore, Musk stated in a tweet following the acquisition that he would like to transform Twitter into a place of “maximum fun.” Since then, there have been rumblings about a possible shift in current management and policies.
Musk, however, did not reveal the identity of the new Twitter CEO. According to media reports, if the CEO of Indian origin, Agarwal, is fired or resigns on his own, he will receive more than $40 million in compensation. Earlier in his tweet, however, Agarwal appeared to be optimistic about his future at Twitter. “I accepted this position in order to improve Twitter, course-correct where necessary, and strengthen the service. We are proud of our employees who, despite the noise, continue to do their jobs with focus and urgency “A day after Musk’s takeover, he tweeted.
Employees of Twitter confronted Agarwal and demanded answers about future actions.
Earlier this month, Twitter agreed to Musk’s $44 billion buyout offer. Musk sold 4.4 million shares of Tesla stock worth approximately $4 billion to acquire the microblogging platform. Musk disclosed the transaction in a filing with the Securities and Exchange Commission on Thursday. Following the takeover, Musk proposed a series of bold decisions, including mass layoffs, payment in dogecoin, and a ban on advertising.
Previously, it was reported that Twitter employees confronted CEO Parag Agarwal and demanded answers on how managers planned to deal with an impending mass departure of employees after Elon Musk took control. According to the Guardian, executives stated at an internal town hall meeting that the company would track employee attrition on a daily basis, but that it was too early to tell how the Musk buyout would affect employee retention.