In a lengthy Twitter thread, Twitter CEO Parag Agarwal spoke out against the events surrounding his company's fate in relation to Elon Musk's $44 billion hostile takeover proposal.
Agarwal also discussed his recent moves to restructure top management and the importance of doing so even as the company was being bought.
Despite Musk's announcement on Friday that the merger is "on pause" pending specifics to establish that spam or fake accounts on Twitter are fewer than 5%, Jack Dorsey's successor at Twitter indicated he expects the transaction to close. The Tesla CEO responded with "still committed to acquisition," but Twitter's stock had already dropped 20% by that point.
Here is the full text of Twitter CEO Parag Agarwal's Saturday statement:
A lot has emerged in the last several weeks. I've been focused on the company and haven't said much in public, but I will now.
Yesterday, we announced changes to our leadership team and operations. Changes that affect people are usually difficult. Some have questioned why a "lame-duck" CEO would make these adjustments if we were going to be acquired anyhow. The short answer is straightforward:
While I expect the transaction to close, we must be prepared for any circumstance and always do what is best for Twitter. I'm responsible for leading and operating Twitter, and our objective is to make it better every day.
Nobody at Twitter works solely to keep the lights on. We are proud of our work. We're here to improve Twitter as a product and business for customers, partners, shareholders, and all of you, regardless of the company's future ownership.
People have also queried why manage costs now rather than after the sale. Our industry is currently operating in a very difficult macroenvironment. I, nor any other Twitter leader, will use the agreement as an excuse to delay making critical decisions for the company's health.
So, what can you expect from me in the future? I'm still focused on performing my job, which includes making difficult decisions when necessary. I will continue to embrace the intricacies of our service and business. And more positive change is on the way.
I will also make an effort to increase the transparency of our activities. You won't see me tweet about the 'subject of the day' or the biggest sound bite, but rather about the continuing, continual, and difficult work our teams are doing to improve the public dialogue on Twitter.
Finally, many thanks to our entire Twitter crew. They have stood firm, focused, and keen. They've been doing their jobs as always. Onward.