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Twitter fires top executives and halts hiring ahead of $44 billion Musk takeover | business news

Twitter has sacked two top executives and suspended hiring as part of a efficiencies ahead of its proposed $44bn (£36bn) acquisition of Elon Musk.

The social media platform confirmed the departures of general manager Kayvon Beykpour and head of revenue and product Bruce Falck, saying it now only plans to hire mission-critical positions.

It added: “We are withdrawing the non-labor costs to ensure we are acting responsibly and efficiently.”

Both men confirmed they had received the shove Twitter‘s Managing Director Parag Agrawal.

“Parag asked me to leave after letting me know he wants to take the team in a different direction,” Mr Beykpour tweeted, adding that he is still on Twitter’s paternity leave.

In a memo sent to employees and confirmed by Twitter, Mr Agrawal said the company has failed to meet growth and revenue milestones after the company began investing “aggressively” to expand its user base and revenue.

Picture:
Parag Agrawal is expected to be replaced – possibly by Elon Musk himself – if the acquisition goes through. Image: AP

“We must continue to be conscious of our teams, attitudes and costs,” he wrote.

It is widely believed that Mr Agrawal’s position is at serious risk if a Musk-led takeover completed.

Shares fell 3% Thursday, down $10 from Elon Musk’s bid price of $54 per share.

The billionaire, who is the richest man in the world on paper, has been working tirelessly to secure additional funds for the proposed deal since his announcement last month.

The aim is to reduce its dependence on Tesla shares in order to meet the agreed price.

High-profile investors said to be ready to provide more than $7 billion in funding include Oracle co-founder Larry Ellison, while Prince Alwaleed bin Talal of Saudi Arabia is said to be keen on expanding his existing one Pour Twitter investment into Mr Musk’s purchase.

Mr Musk has repeatedly stated that he would like Twitter to become a free speech platform in order to reduce his reliance on advertising and deal with the proliferation of spam-distributing bots.

Twitter fires top executives and halts hiring ahead of $44 billion Musk takeover | business news

Source link Twitter fires top executives and halts hiring ahead of $44 billion Musk takeover | business news

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