Two Twitter Officials Leave Company Following Musk Agreement

SAN FRANCISCO – Twitter chief executive fired two senior executives, laid off new employees and said he was cutting spending on Thursday, as the social media company tries to change its business direction as it struggles with kidnapping from Elon Musk, a man the richest in the world.

In a memo shared with employees and found by The New York Times, Parag Agrawal, chief executive of Twitter, said the company was suspending further recruitment and reversing voluntary spending, though it did not plan to be fired. The move stemmed from Twitter not achieving targets in audience growth and revenue, Mr. Agrawal wrote.

Kayvon Beykpour, Twitter general manager, and Bruce Falck, general revenue manager, are leaving, the memo said. The position of Mr. Beykpour is being taken over by Jay Sullivan, the interim general manager of consumer goods, the memo said.

“It is important to have the right leaders at the right time,” he said. Agrawal said in a memo. He added that Twitter decided at the beginning of the catastrophe in 2020 to invest heavily in growth, but “as a company we did not take intermediate steps that would enable confidence in these goals.”

Bw. Beykpour and Mr. Falck said on Twitter that he had been fired by Mr. Agrawal. Mr Falck later appeared to delete his tweet.

Brian Poliakoff, a Twitter spokesman, confirmed the memo and changes to Mr. Agrawal. He declined to comment further.

The changes raise questions for Mr. Musk about his $ 44 billion contract to buy Twitter. The billionaire, who has said he does not care about the company’s economy, pays $ 54.20 of shares to the company. From an investor perspective, he also said he wants to increase Twitter revenue by 2028 and grow its users to 931 million by that time, from 217 million at the end of last year.

But Twitter shares have been sinking, part of a broader trend in technology stocks, and rose to $ 45.22 on Thursday. The steps of Mr. Agrawal also points out that the company’s business, which relies heavily on digital broadcasting, has problems. Last month, Twitter reported quarterly revenue growth and profits that declined from what Wall Street was expecting.

“Looking at the glass ball two weeks ago, the board made a good decision,” said Brian Quinn, associate professor at Boston College Law School focusing on corporate integration, referring to the Twitter board. “The idea that the board could get a $ 54 price tag on its own was controversial before the offer was made – but it is clear now, it will not happen anytime soon.”

Mr. Musk, who also drives a Tesla electric car with the rocket company SpaceX, did not immediately respond to a request for comment. He said he would consider Twitter private and wanted to improve the product. He has also publicly criticized some of Twitter’s top executives, especially for the way they handled speeches about the service. The billionaire, who is still planning to fund the acquisition, is expected to launch the deal on Twitter in the next few months.

Credit …Jason Henry for The New York Times

Bw. Musk could have avoided the deal, but he will have to pay a $ 1 billion dividend fee. Musk in court to force him to pay for the deal.

Bw. Agrawal, who was appointed chief executive of Twitter last November, has made several changes to the company and suspended some long-term executives. That same month, for example, the company’s communications chief left and his chief of staff said he would leave by the end of the year. In December, the head of Twitter engineering and head of design and research left.

When Mr. As Agrawal tries to change the company, Twitter has been in turmoil over the abduction of Mr. Musk. At a company meeting on the day the plan was announced, Mr. Agrawal answered questions about how the deal was done, what would happen to workers’ and labor compensation, and how Mr. Musk could change Twitter.

“Some of you are worried, some are happy, and some are just waiting to see how this goes. I know this affects all of you personally,” he said at the time.

Credit …Twitter, via Getty Images

In his memorandum on Thursday, Mr. Agrawal did not name Mr. Musk by name but admitted that the company was in the middle of a purchase and it was not clear when it would close.

It is unknown at this time what he will do after leaving the post. Agrawal will manage Twitter. Bw. Musk has directed the idea of ​​becoming the company’s interim chief executive once the deal is finalized.

Last week at another company meeting, Mr. Sullivan, the recently appointed general manager, told Twitter staff to stay motivated and keep working, despite the uncertainty caused by Mr. Musk, according to a conference call that was obtained by The Times.

“We can be private, we can be public, we can have an owner who wants to do something different,” he said. Sullivan said. “We don’t know what the future will hold, but what we do know is that we left it all on the field for the people who depend on us every day.”

Bw. Sullivan also gave a clear assessment of Twitter’s weaknesses, saying that the company had failed to connect with new users and employees went through the benefits of fixing complex problems. He said machine learning, which is a form of artificial intelligence, was essential for Twitter’s growth. He also warned that Twitter’s content management policies may change further.

“Social media is in a state of disarray right now,” he said. Sullivan said.

Kate Conger and Lauren Hirsch contributing information.

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