Twitter CEO Parag Agrawal says he fired key execs resulting from ‘difficult’ financial system

Twitter’s recent CEO Parag Agrawal has largely remained silent by the corporate’s ongoing rollercoaster trip, at the same time as its probably future proprietor Elon Musk continues to very a lot do the other.

However Agrawal lastly broke his silence following an particularly tumultuous week at the corporate, which noticed him oust two key executives, Twitter’s head of product Keyvon Beykpour and Bruce Falck, who led the income aspect of the corporate.

“The reality is that this isn’t how and once I imagined leaving Twitter, and this wasn’t my resolution,” Beykpour stated of the shock resolution, which occurred whereas he was out on paternity go away. Beykpour defined that Agrawal requested him to go away the corporate resulting from a need to take the patron workforce “in a special path.”

In his recent tweet thread, Agrawal deftly stated loads with out saying a lot of substance, a basic CEO ability not likely shared by his usually informal, off-the-cuff predecessor.

Agrawal defined that he does count on the Musk deal to shut, however that beneath his watch, Twitter must “be ready for all eventualities.” His feedback largely gesture at the present financial local weather, wherein the tech trade and the broader inventory market have come crashing down from latest highs. Startups and tech giants alike are battening the hatches, trimming prices and placing hiring freezes in place to climate the storm. In line with Agrawal, Twitter is doing the identical.

“Individuals have additionally requested: why handle prices now vs after shut?” Agrawal stated. “Our trade is in a really difficult macro setting – straight away. I gained’t use the deal as an excuse to keep away from making necessary selections for the well being of the corporate, nor will any chief at Twitter.”

What’s much less clear is how Agrawal’s resolution to chop influential leaders in the corporate squares with no matter imaginative and prescient Musk has in retailer. Whereas Twitter languished for the higher a part of a decade with out recent merchandise or investor-pleasing development, the corporate has seemed like a really totally different beast during the last 12 months, transport recent shopper merchandise left and proper, fixing for onerous issues like harassment and experimenting with recent income streams to set it free from promoting. No matter Agrawal’s strikes finally imply, the corporate seems to be switching tracks, eliminating two figures who laid plenty of latest groundwork for development in the method. If Agrawal will survive that course of and stick it out into the Musk period is anybody’s guess at this level.

In the meantime, the Musk sideshow goes on. The Tesla and SpaceX CEO certainly appears to be like to be locked into the Twitter deal at this level, however he continues to sow chaos and rack up probably SEC fines nonetheless. On Friday, Musk forged doubt over the entire thing, claiming that the deal is “briefly on maintain” as he evaluations the social community’s ratio of bots to actual accounts, simply one in all the platform’s many existential points however the one which occurs to be his pet problem.

On the time of writing, that supposed improvement wasn’t supported by any monetary filings or corroborating proof. Whereas it’s doable Musk is attempting to again out or re-price his buy in some way, it’s simply as probably that the notoriously mercurial billionaire is simply tweeting his passing ideas stream of consciousness-style, SEC fines be damned, on this case to the detriment of the corporate he’s ostensibly attempting to purchase.

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