Twitter loses 2 executives as it freezes most hiring ahead of Elon Musk's takeover
- Twitter is pausing "most" hiring outside "business-critical roles," Twitter told Insider Thursday.
- Elon Musk is set to assume control of Twitter and has a specific vision for the company.
Twitter is freezing the majority of its hiring and backfilling as of this week, a spokesperson confirmed to Insider Thursday.
"Effective this week, we are pausing most hiring and backfills, except for business-critical roles," the spokesperson said.
"We are pulling back on non-labor costs to ensure we are being responsible and efficient," the statement to Insider said.
Some of these changes were announced to Twitter employees in an internal memo, the record of which was obtained by Bloomberg and others.
Aside from the hiring freeze, Bloomberg reported that CEO Parag Agrawal told employees in the memo that the company had not met goals related to making money and audience building.
"Leaders will continue making changes to their organizations to improve efficiencies as needed," Agrawal said in the memo, according to Bloomberg.
He added that Twitter would rescind some job offers given to candidates and attempt to limit spending on things like travel and consulting.
The two executives set to leave are Kayvon Beykpour and Bruce Falck.
Beykpour is the general manager of Twitter, and he led teams including engineering, design, and customer service, according to his LinkedIn profile.
Falck is the revenue product lead and has been at the company since 2017, according to his LinkedIn page.
They both confirmed their impending departures on Twitter.
"Interrupting my paternity leave to share some final @twitter-related news: I'm leaving the company after over 7 years," Beykpour wrote.
—Kayvon Beykpour (@kayvz) May 12, 2022
"This wasn't my decision," he added. "Parag asked me to leave after letting me know that he wants to take the team in a different direction."
Falck thanked his teams in his tweet. His bio says "unemployed."
—bruce.falck() (@boo) May 12, 2022
Elon Musk's Twitter takeover isn't finalized, and one firm posited he could change the price of the deal amid larger market trends, Insider reported Monday.
But the interim period before he assumes control "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," Bloomberg wrote.
Things are tough in tech right now. Facebook also is freezing hiring, fintechs are laying people off left and right, crypto is tanking in disastrous fashion, and there's likely a "bumpy road" ahead for tech stocks, Insider previously reported.
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