Twitter's hiring freeze and other cost-cutting efforts are a reflection of the company’s state of uncertainty while it awaits Elon Musk’s takeover.
During a virtual appearance at the Financial Times Future of the Car conference on Tuesday, Musk said “a temporary suspension is appropriate, but not a permanent ban.”Two of Twitter’s top leaders are also departing. Kayvon Beykpour, head of consumer product, and Bruce Falck, in charge of revenue, are both leaving the company. Jay Sullivan will take over as head of product and interim head of revenue.
Beykpour said on Twitter that it’s not how he imagined leaving the company. “Parag asked me to leave after letting me know that he wants to take the team in a different direction,” he said. A Twitter spokesperson didn’t respond to a request for comment. As Musk doesn’t yet own Twitter, he is not yet directly influencing the company’s decision-making. Larger competitor Meta Platforms Inc. also recently said it will reduce planned expenditures.New equity commitments from a group that includes Larry Ellison and various Gulf state entities come as Elon Musk marshals capital to bankroll one of the biggest tech industry takeovers.
The changes reflect Twitter’s current state of limbo while it awaits a new owner. Musk, the world’s richest man and CEO of Tesla Inc., agreed to buy the company for $44 billion last month, but the deal may not be finalized for months, as Musk is still working to secure the financing. On Tuesday he suggested that the deal could still fall apart.
That has left Twitter employees in a lurch, as many don’t know whether the projects or teams they are working on will be prioritized under new leadership.
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