Two Twitter leaders are leaving the company after Musk Dale.

Two Twitter leaders are leaving the company after Musk Dale.

SAN FRANCISCO – Twitter’s chief executive has fired two top executives, freezing most new recruits and saying he’s cutting spending on Thursday because the social media company is owned by the world’s richest man, Elon Musk. Is trying to change its business style while dealing with

In a memo shared with employees and obtained by the New York Times, Twitter’s chief executive, Parag Agarwal, said the company was cutting most jobs and reimbursing discretionary costs, although it did not plan to lay off. Was doing Mr Agarwal wrote that the move was partly due to Twitter’s failure to meet its target audience and revenue growth.

The memo states that Twitter’s general manager Kevin Beckpoor and Revenue’s general manager Bruce Falk are leaving. The memo states that Mr. Beckpoor will be replaced by Jay Sullivan, Interim General Manager of Consumer Products.

Mr Agarwal said in a memo that “it is important to have the right leaders at the right time.” We haven’t hit the middle ground that builds confidence in those goals. “

Mr Bekpur and Mr Falk said on Twitter that they had been fired by Mr Agarwal. Mr Falk was later seen deleting his tweet.

Twitter spokesman Brian Polyakov confirmed the changes to the memo and Mr Agarwal. He declined to comment further.

The changes raise questions about Mr Musk’s 44 44 billion deal to buy Twitter. The billionaire, who has said he doesn’t care about the company’s finances, is paying the firm 54 54.20 a share. In a pitch for investors, it also said it wants to increase Twitter’s revenue by 2028 and reach 931 million subscribers by then, up from 217 million at the end of last year. Is more

But Twitter shares are sinking, part of a broader return to technology stocks, and hovering around $ 45.22 on Thursday. Mr. Agarwal’s actions also indicate that the company’s business, which relies primarily on digital advertising, is in turmoil. Last month, Twitter reported quarterly revenue growth and profits that fell short of Wall Street’s expectations.

“Looking at a crystal ball two weeks ago, the board made a very good decision,” said Brian Quinn, an associate professor at Boston College Law School who focuses on corporate integration, citing the Twitter board. ۔ “The idea that the board could get قیمت 54 on its own before it accepted the offer was debatable – but now, frankly, it’s not going to get any closer.”

Mr Musk, who also runs electric car maker Tesla and rocket company SpaceX, did not immediately respond to a request for comment. He has said he will take Twitter private and wants to improve the product. He has also publicly criticized some of Twitter’s top executives, especially those who have moderated speeches on the service. The billionaire, who is still providing some funding for the purchase, is expected to close the deal for Twitter in the next few months.

Credit …Jason Henry for the New York Times

Mr Musk may withdraw from the deal, but will have to pay a اپ 1 billion breakup fee. And as long as the financing of the loan is maintained, Twitter could bring Mr. Musk to court to force him to pay off the deal.

Mr Agarwal, who was appointed chief executive of Twitter last November, has made several changes to the company and fired some longtime executives. That same month, for example, the head of the company’s communications company resigned and its chief said he would retire by the end of the year. In December, Twitter’s head of engineering and head of design and research left.

While Mr Agarwal is trying to overhaul the company, Twitter is in turmoil over Mr Musk’s takeover. At a company meeting on the day the deal was announced, Mr Agarwal answered questions about how the deal went, what would happen to employee pay and jobs, and how Mr Musk could change Twitter.

“Some of you are worried, some of you are excited, and some of you are waiting to see how it happens. I know it affects you all personally,” he said. Time said He later added, “Once the deal is closed, we don’t know which way the company will go.”

Credit …Via Twitter, Getty Images

In his memo on Thursday, Mr. Agarwal did not name Mr. Musk, but acknowledged that the company was in the midst of an acquisition and that it was not clear when it would close.

It is unknown at this time what he will do after leaving the post. Mr Musk has offered to become the company’s interim chief executive once the deal is finalized.

At another company meeting last week, Mr. Sullivan, the newly developed general manager, urged Twitter employees to be motivated and keep working, despite the uncertainty caused by Mr. Musk. According to the audio obtained by the Times.

“We can be private, we can be public, we can have an owner who wants to do something different,” Mr Sullivan said. “We don’t know what the future holds, but how do we know we’ve left it all to the people who depend on us every day?”

Mr Sullivan also pointed out Twitter’s weaknesses, saying the company had failed to reach new users and employees had been able to resolve difficult issues. He said that machine learning, a kind of artificial intelligence, was important for the development of Twitter. He also warned that Twitter’s content moderation policies could be more flexible.

“Social media is in a crisis of confidence right now,” Mr Sullivan said.

Kate Conger And Lauren Hersh Cooperation reporting.

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