Twitter is placing a hold on most new hires and backing off on offers that have already been made amid an ongoing takeover attempt by billionaire Elon Musk, Axios reports.
Sources told the news outlet that Twitter CEO Parag Agrawal made the decision to suspend most hiring and to cut back on non-labor costs ''to ensure we are being responsible and efficient.''
Agrawal told employees about the hiring freeze in a memo that was obtained by The Verge.
''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,'' he wrote.
''Effective this week, we are pausing most hiring and backfills, except for business critical roles as determined by Staff members in partnership with their HRBPs. We will also be reviewing all extended offers to determine criticality and those that should be pulled back.
''We are not planning company-wide layoffs, but leaders will continue making changes to their organizations to improve efficiencies as needed. As always, performance management will continue to be a priority at this time at all levels to ensure we have the strongest teams possible.''
Twitter's head of consumer product, Kayvon Beykpour, announced his departure from the company in a tweet on Thursday that said, ''Parag asked me to leave after letting me know that he wants to take the team in a different direction.''
The company's general manager of revenue and head of product on the business side, Bruce Falck, also announced that he has been dismissed by Agrawal in a since-deleted tweet.
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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