Twitter freezes hiring and cuts costs as executives leave

A person wearing a mask approaches Twitter’s offices in New York after they announced that they will close their offices immediately reopened in response to updated CDC guidelines during the outbreak of the coronavirus disease (COVID-19) in Manhattan, New York City, United States. July 29, 2021.

Andrew Kelly | Reuters

Twitter Most hiring has been suspended temporarily and two executives will leave the company, a company spokesperson confirmed Thursday.

This news comes as billionaire Elon Musk seeks to complete his $44 billion deal to buy the company and turn it private. Musk told the banks while raising money for the deal that he would cut CEO salaries and board pay and pay the company to cut other costs, Reuters reported earlier.

But, Twitter shares are also trading at more than $8 a share below Elon’s purchase price, which suggests that there may be some skepticism among investors about closing the deal.

The spokesperson confirmed that Chief Consumer Kayvon Beykpour and Chief Revenue Products Leader Bruce Falck will be leaving the company. Reuters previously reported that CEO Parag Agrawal informed employees of the news in an email.

in a series of Tweets On Thursday, Bikbor said it was not his decision to leave Twitter. He said he shared the news of his passing while on paternity leave.

He wrote: “Parag asked me to leave after telling me he wanted to lead the team in a different direction.”

Falk chirp On Thursday he thanked the teams he worked with on Twitter, but did not directly address the circumstances surrounding his departure.

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Twitter said it will be stepping back on non-labor costs and that Jay Sullivan will take over as general manager of Bluebird, the consumer team, and interim general manager of Goldbird, the revenue team.

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