Elon Musk to buy Twitter for $44 Billion
Ahead of the announcement by Elon Musk for buying Twitter for $44 billion this year, Twitter Inc. Chief Executive Officer Parag Agrawal and Chairman Bret Taylor told employees on Monday that the social network will keep operating as usual -- including with Agrawal at the helm.
As per now, the deal was signed Monday morning, Agrawal told workers, adding that Musk's transaction to take the company private could take as long as six months to complete, according to two people with knowledge of the meeting's details. The CEO told staffers there would be no job cuts "at this time," and when asked about a potential hiring freeze, Agrawal said the company was still working through hiring plans before the deal officially closes.
According to the officials, Agrawal held an all-hands meeting Monday afternoon via video to explain the Twitter board's decision to sell the company to the billionaire Tesla Inc. CEO. Musk, the world's richest man, who plans to purchase Twitter for $54.20 per share, was notably absent from the call. Agrawal was joined by Taylor, who is also Salesforce Inc.'s co-CEO, but no other board members were in attendance, including former CEO and Twitter co-founder Jack Dorsey.
Ahead the decision, Twitter employees have been living in a state of uncertainty for weeks since Musk announced his offer to acquire the social networking service. Musk is an avid Twitter user, often criticizing the company from his Twitter account, and many people dismissed his early efforts to buy the company as a kind of joke. But Musk eventually secured financing to complete a deal, prompting the board to seriously consider his offer.
The Brief. Sign up to receive the top stories you need to know right now.