Twitter CEO Parag Agrawal announced a hiring freeze and other cost-cutting measures Thursday, reflecting the state of uncertainty the company is in while it awaits a $44 billion takeover by Elon Musk.
Internal memos indicate that Twitter will not hire new employees and may rescind offers already made. There will be some exceptions for key business positions, which will need to be decided by Twitter’s leadership. The memo shows that Twitter will also cut costs in travel, consulting and marketing. In addition, two senior leaders will also be leaving. Kayvon Beykpour, head of consumer products, and Bruce Falck, head of revenue products, said in separate public posts that both were asked by Agrawal to leave the company.
Agrawal explained that global events, including the war in Ukraine and the supply chain crisis, have hurt Twitter’s business and could continue to do so. He said Twitter has no plans for mass layoffs, “but leadership will continue to make adjustments to the organizational structure as needed to improve efficiency.”