Chief Executive Officer of Twitter, Parag Agrawal, announced a hiring freeze as well as other cost-cutting initiatives, reflecting the company's state of flux as it awaits Elon Musk's $44 billion buyouts.
According to an internal document, Twitter will not hire new staff and may withdraw offers already made.
As established by Twitter leadership, some exclusions will be made for company functions. As per the memo, the company is also cutting costs such as travel, consultancy, and marketing.
Global events, such as the war in Ukraine and the supply chain crisis, have harmed Twitter's commercial outcomes, Agrawal said, and may continue to do so.
"Leaders will continue to make adjustments to their businesses to improve productivity as needed," he said, but no company-wide job layoffs are planned.
Aragwal went on to say that at the start of the epidemic in 2020, the choice was made to invest quickly in order to deliver substantial growth in viewership and revenue and that as a company, they didn't hit intermediate benchmarks.
Aragwal further noted that in order to manage the business responsibly as they hone their guidelines and operations, they must continue to be careful about their groups, hires, and costs.
Also leaving Twitter are two of the company's top executives. Kayvon Beykpour, the company's director of consumer goods, and Bruce Falck, the chief financial officer, are both leaving.
President of product and temporary head of revenue, Jay Sullivan, will take over. A source familiar with the situation disclosed Sullivan has discussed refocusing the firm on fewer projects during recent staff and company meetings.
It's not how Beykpour envisioned leaving the organization, he stated on Twitter. "After letting me know that he intends to lead the team in a different way," he claimed, "Parag requested me to depart."
A request for feedback was not returned by a Twitter spokeswoman. Musk does not yet own Twitter, thus he has no direct influence over the company's decisions.
The updates reflect Twitter's present state of flux as it searches for a new owner.
Musk, the world's richest man and the CEO of Tesla Inc., agreed to purchase the firm for $44 billion last month, but the deal could take months to complete because Musk is still working on finance.
He said on Tuesday that the transaction could yet fall through.
This has left Twitter employees in the dark, since many are unsure whether their projects or teams would be prioritized under the new management.
