A twitter spokesman said on Thursday that the company had suspended most of its recruitment and was cutting other non labor costs, except for "business critical" jobs. Meanwhile, kayvon beykpour, general manager of Twitter's consumer business, and Bruce Falck, head of revenue products, announced their resignation through Twitter on Thursday. The news was also confirmed by a twitter spokesman.
Beckpool, who has worked on twitter for seven years, said it was not his decision to leave. He said: "this is not the way and time I want to leave twitter. (twitter CEO Parag Agrawal) told me that he wanted to lead the team in different directions and asked me to leave."
Twitter did not disclose whether the hiring freeze and executive turnover were related to Musk's acquisition or because of the recent downturn in the entire technology industry. Musk's acquisition is expected to be completed later this year. Recently, meta, Twitter's competitor in the social media field and Facebook's parent company, also announced a slowdown in recruitment to cope with the decline in growth.
The news announced by twitter on Thursday may increase the uncertainty of the company's internal team. Last month, musk shocked to announce that it would buy twitter for $44 billion.
It is speculated that if Musk's acquisition is completed, it may lead to layoffs or cost cuts in some departments of twitter. He will restructure the company to focus on the goals he has set, such as promoting the development of the pay order business. Many experts also pointed out that because musk had previously said that he lacked confidence in Twitter's management team, he may restructure the company's management, including replacing CEO Agrawal who has been in office for less than a year.
However, Musk's acquisition has not been completed and may still fail. It is also suspected that Tesla's share price has fallen in the past month, which may have a negative impact on Musk's ability to raise funds for the deal. By Thursday afternoon, Twitter's share price was about $46, well below Musk's offer of $54.20 a share. This shows that many investors are skeptical about the possibility of completing the transaction.