Twitter Inc (NYSE:TWTR) is in the "dark" over its future after it is all set to go private under Tesla Inc (NASDAQ:TSLA) CEO Elon Musk and employees at the company are slated to get an opportunity to get their concerns addressed from the new owner.
What Happened: Twitter CEO Parag Agrawal said, “once the deal closes, we don't know which direction the platform will go,” reported Reuters.
Agrawal’s comment came in response to employee questions surrounding the reinstatement of former President Donald Trump’s suspended account.
The CEO deferred questions related to layoffs and the board's rationale behind the sale onto later at a company-wide town hall meeting and said Musk will join the staff for a question-and-answer session at a later date.
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Why It Matters: Agrawal told Twitter employees that no layoffs were planned until Musk’s $44 billion deal closes later in the year. The executive admitted that there was “uncertainty” about the future of the company after the deal closes.
Price Action: On Monday, Twitter shares closed 5.6% higher at $51.69 in the regular session. The shares climbed 0.4% in after-hours trading. On the same day, Tesla shares closed 0.7% lower at $998.02 in regular trading, according to data from Benzinga Pro.
