The transition from a publicly traded company to a privately held company owned by a billionaire has been a lot of drama.
Anadolu Agency | Getty Images The cause of contention among shareholders is Musk's purchase, which is expected to close by the end of the year.
It seems as though some of these concerns were correct when Agrawal told employees that Kayvon Beykpour and Bruce Falck would be leaving the company.
He did not comment on the matter at the time, but over the weekend he said that he expects the deal to close.
Musk said he wasn't worried about the employees quitting.
Changes impacting people are always hard. If we're getting acquired, why would the CEO make these changes? The answer is very simple, and we need to be prepared for all scenarios. Our job is to build a stronger Twitter every day, and I am accountable for that.
The CEO used this as an explanation as to why the company is now cutting non-labor costs across the board, despite the fact that high-level changes may be taking place.
He said that the industry is in a very challenging environment.
After thanking his team for the work that has been done throughout the process, he promised more transparency and change for the better.
There is a hiring freeze and top executives are saying his bid is on hold.
The memo that the CEO sent to employees on May 12 explained that the company was undergoing a hiring freeze and cutting non-labor related costs, but that they would still make changes.
The company admitted that it may not accurately represent the actual number of accounts that account for less than 5% of the total.
Musk paused the deal until the calculations were verified, seeing that the removal and management of these accounts are something that he wants to focus on if and when he takes over.
We don't want people getting tricked out, and that's why we have to get rid of the bots and troll.
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