Elon Musk takes over Twitter, one of most popular social media platforms in the world, for a whopping $44-billion cash deal. A staunch supporter of free speech, Musk wants to make Twitter ‘better than ever’. The 16-year-old company will be a private entity and wholly owned by the celebrity CEO of Tesla after the deal is complete.
What will happen to the employees of Twitter once Musk takes charge later this year? Hours after the announcement that Twitter had accepted Musk’s proposal, CEO Parag Agrawal clarified what this deal would mean for employees in a virtual call. He spoke about the company’s future, lay offs and possible changes in the board.
Twitter Employees: Will there be a Layoff?
Will Elon Musk retain all the employees? Agrawal told employees that there will not be any big change before the deal closes by the end of this year. ‘There are no plans for any layoffs at this point,’ CEO assured employees at this point. “Between now and closing … we will continue making decisions as we’ve always had, guided by the principles we’ve had,” he said.
Speaking about the changes in the regime, he further added, “That doesn’t mean things won’t change, things have been changing … I have been talking about driving positive change at the company, and I will continue doing so because it makes us better and it makes us stronger. Once the deal closes, different decisions might be made.”
Twitter Employees Salary:
As Twitter will become a private entity, Musk has to chalk out a new structure to pay the employees. There will be no stock options for employees anymore. Will Tesla boss provide equity options for the employees? Or the social media company will go public for the second time?
‘Period of Uncertainty’
The deal comes at a time when there is a high competition for talent in the tech industry. Talking about future, CEO said, “This is indeed a period of uncertainty… All of you have different feelings and views about this news, many of you are concerned, some of you are excited, many people here are waiting to understand how this goes and have an open mind.”
Will Parag Agrawal Remain the CEO?
Paral Agrawal took charge as the chief executive officer of Twitter just five months back, after succeeding co-founder Jack Dorsey.
During the virtual meeting with Twitter employees, he said that he would remain CEO till the deal is sealed. Twitter board will dissolve once Elon Musk takes over, said Brett Taylor, the board’s independent chair. “There is indeed uncertainty about what will happen after the deal closes,” Agrawal told.
Now Musk may take the leadership role himself. But with Tesla and SpaceX, he already has too much on his plate. So it is highly possible that he would hire a new CEO to run the company.
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