Srestha RoyAccording to an internal message sent to staff Thursday, two of Twitter’s top executives are leaving as part of a shake-up of top executives as the firm grapples with a takeover bid from Elon Musk, the world’s richest man.
As per the memo acquired by The New York Times, Kayvon Beykpour, Twitter’s general manager, is quitting and will be succeeded by Jay Sullivan. Sullivan is now the consumer product’s interim general manager. Bruce Falck, Twitter’s revenue general manager, is also leaving the business.
“It’s critical to have the right leaders at the right time,” Twitter CEO Parag Agrawal said so in the memo sent to staff. What Twitter requires now and in the future is Sullivan’s product vision, ability to inspire, move swiftly, and drive change.”
According to the memo, Twitter is also halting most new hiring and reducing discretionary spending, but no layoffs are planned. Part of this is due to the company’s failure to meet audience and revenue growth targets, according to Agrawal.
Twitter has been in an uproar since Musk agreed to buy the social media service for $44 billion last month. The entrepreneur, who also owns Tesla and SpaceX, has stated that he intends to take Twitter private and improve the product. He has openly chastised several of Twitter’s top executives, particularly for the way they have censored speech on the platform.
Musk, who is still arranging finance for the acquisition, is anticipated to seal the deal for Twitter within the next several months. In an investment pitch, he stated that he plans to quadruple Twitter’s revenue by 2028 and increase its user base to 931 million by then, up from 217 million at the end of last year.
On April 14, 2022, business entrepreneur Elon Musk offered to buy Twitter, Inc. for $43 billion, after previously acquiring 9.1 percent of the company’s stock for $2.64 billion, making him the company’s largest stakeholder. Musk was then invited to join Twitter’s board of directors, which he initially accepted and then declined.
The following day, Twitter revealed a “poison pill” policy. On April 25, Twitter’s board of directors overwhelmingly accepted Musk’s $44 billion takeover offer, paving the way for the firm to be privatized. The transaction is still subject to regulatory and shareholder approval as of May 2022.
The takeover has drawn plaudits for Musk’s proposed reforms and vision for the company, but it has also drawn criticism for fears of an increase in disinformation and harassment on the site.