Two of Twitter’s top managers were fired on Thursday in the latest sign that the company is shaking up ahead of Elon Musk’s planned buyout.
Kayvon Beykpour, a Twitter general manager, tweeted that he is leaving after 7 years with the company. In a lengthy thread, he said that CEO Parag Agrawal “asked me to leave after letting me know that he wants to take the team in a different direction.”
“I hope and expect that Twitter’s best days are still ahead of it. Twitter is one of the most important, unique and impactful products in the world. With the right nurturing and stewardship, that impact will only grow,” Bekpour said.
Twitter’s revenue and product lead, Bruce Falck, was also fired, ABC News reports. His Twitter bio has been updated to say “unemployed.”
“I dedicate this Tweet to those engineers and thank you ALL for the opportunity to serve alongside you. It’s been awesome. There is a lot more to do so get back to work, I can’t wait to see what you build,” Falck tweeted.
Agrawal sent a memo to Twitter staff Thursday announcing the firings and other cost-reduction measures, including a pause on new hires. The Verge reported a copy of the email Agrawal sent, which does not indicate there will be any layoffs yet.
“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,” Agrawal said.
“We also need to pull back on non-labor costs to ensure we are being responsible and efficient,” he added.
Elon Musk entered into an agreement to buy Twitter in April for a purchase price of $54.20 per share, totaling roughly $44 billion. Since news of the acquisition, Twitter’s stock has fallen about 12% after reaching its 2022 high in April, CNBC reports. The company is now trading at about $46 per share, well below what Musk has agreed to pay to buy Twitter.
The deal will take months to complete. In the meantime, Musk is facing scrutiny from the Federal Trade Commission, which is looking into his failure to disclose a more than 9% stake in Twitter within the Securities and Exchange Commission’s 10-day window. Bloomberg reported that the FTC is separately investigating Musk’s deal to buy Twitter, though experts say the acquisition is unlikely to raise antitrust concerns.