(Tea Party PAC) – Ahead of Elon Musk’s Twitter takeover, the social media giant appears to be shaking things up.
Twitter has announced they will no longer be hiring new employees, will be implementing cost-cutting measures, and two company executives are leaving, as per an internal memo from Chief Executive Officer Parag Agrawal that was obtained by Bloomberg.
The Thursday internal memo said the company is going into a hiring freeze and might even rescind offers of employment already sent out. It did, however, list certain exceptions for “business-critical roles” that will be decided on by the company’s leadership.
The memo also said Twitter will slash travel, consulting and marketing expenses.
“At the beginning of the pandemic in 2020, the decision was made to invest aggressively to deliver big growth in audience and revenue, and as a company we did not hit intermediate milestones that enable confidence in these goals,” Agrawal wrote in the memo.
“In order to responsibly manage the organization as we sharpen our roadmaps and our work, we need to continue to be intentional about our teams, hiring and costs,” he said.
Agrawal asserted that global issues such as the Russia-Ukraine war and the COVID-19 supply chain crisis have contributed negatively to Twitter’s business and continue to hurt the company.
Twitter is not considering company-wide job cuts, however, with Agrawal saying that “leaders will continue making changes to their organizations to improve efficiencies as needed.”
In addition to the cost cuts, Kayvon Beykpour, head of consumer product, and Bruse Falck, general manager for revenue, are on their way out their door, according to a Thursday report by The New York Times.
They will be replaced by Jay Sullivan of whom Agrawal said, his “product vision, ability to inspire, move quickly and drive change is what Twitter needs now, and in the future.”
“It’s critical to have the right leaders at the right time,” Agrawal wrote in a memo to staff.
The Times reported that sources revealed Sullivan had held team and company-wide meetings, stressing the importance of cutting projects and refocusing the company.
Beykpour indicated in tweets Thursday that his departure wasn’t voluntary.
“The truth is that this isn’t how and when I imagined leaving Twitter, and this wasn’t my decision,” he said.
“Parag asked me to leave after letting me know that he wants to take the team in a different direction,” Beykpour said.
“While I’m disappointed, I take solace in a few things: I am INSANELY proud of what our collective team achieved over the last few years, and my own contribution to this journey,” he said.
While I’m disappointed, I take solace in a few things: I am INSANELY proud of what our collective team achieved over the last few years, and my own contribution to this journey.
— Kayvon Beykpour (@kayvz) May 12, 2022
Falck thanked those he worked with over the past five years.
I dedicate this Tweet to those engineers and thank you ALL for the opportunity to serve alongside you. It’s been awesome. There is a lot more to do so get back to work, I can’t wait to see what you build #TIF
— bruce.falck() 🦗 (@boo) May 12, 2022
Musk is expected to take over the company in the coming months and the majority of Americans are glad to see it. He shares many of the same criticisms of the social media platform as many Americans especially in regards to freedom of speech.
Musk has also criticized the company for having “too many engineers not doing enough.”
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