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Twitter faces mass departure of employees amid Musk’s battle!

Source: Business Standard

According to recent reports, Twitter Inc. is known to be facing more employee departures, company officials told staff on Wednesday, as leaders simply sought to address several challenges including whistleblower allegations as well as a legal battle with billionaire Elon Musk.

On a similar note, employee attrition is said to be at 18.3 percent currently, Twitter executives told staff during a company-wide meeting. Also, before Musk made his 44 billion dollars offer to just buy the said company, attrition hovered somewhere between 14 percent to 16 percent, which was consistent for the most part with competitors, executives mentioned.

Moreover, a lot of current employees have been saying that the months-long chaos with respect to the Musk takeover has caused some staff to flee. Know that, the so-called staff meeting was simply held just a day after Twitter’s former security chief Peiter Mudge Zatko said in a whistleblower company that the social media company mislead federal regulators regarding its defenses against hackers and spam accounts.

In addition to this, the San Francisco-based company is known to be heading to a doctor’s trial after suing Musk for simply attempting to walk away from the buyout agreement. As noted in a report by Reuters, Twitter Chief Executive Parag Agrawal moved to reassure employees on Wednesday that Zatko’s accusations were “foundationally, technically and historically inaccurate.”

Source: TechCrunch

Furthermore, before the said news broke, Twitter is known to have reached out to several different agencies globally, said General Counsel Sean Edgett in a statement. “We have never made a material misrepresentation to a regulator, to our board, to all of you,” he said.

During the meeting, the staff at Twitter is said to have submitted a lot of questions to company leaders on whether Twitter would be hiring or simply promoting more junior staff members and how Twitter could be expected to hit its so-called growth targets given the employee’s mass departure.

“The only way for us to deliver is by narrowing our focus to fewer things and for that to be proportionate to a number of people here,” Agrawal responded.

Also, the United States Senate Judiciary Committee said this Wednesday that it will be holding a hearing with Zatko on September 13, the same day that Twitter shareholders will be voting on whether or not to approve the deal with Musk. Not just that, on Wednesday itself, lawyers for Musk as well as Twitter are said to have attended a hearing in Wilmington, Delaware, in order to decide if Twitter had to provide documents and data sought by Musk to simply challenge the company’s estimate of snap accounts on the said platform. Musk’s attorneys briefly mentioned the allegations by Zatko.

“Mr. Zatko said management had no appetite to measure bots,” Alex Spiro, Musk’s lawyer, told the judge. The judge said at the end of Wednesday’s hearing she would consider the arguments before issuing a ruling.

Reading so far, I hope you must have gotten a fair insight into the mass departure of employees at Twitter during the amid Musk battle, and by now I believe you will be able to decide on your own whether or not you think it was the right thing to do and whether or not you think will be their next move.

In conclusion, what are your thoughts on the mass departure of employees at Twitter amid Musk’s battle? Do let us know in the comments area below. To know more about such reports, check out other articles on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

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