A Twitter spokesperson confirmed Thursday that the company is suspending most hiring and that two executives will leave the company. The news comes as billionaire Elon Musk seeks to close a deal to buy the company for $44 billion and take it private. According to media reports, Musk told the bank when raising money for the deal that he would cut executive and board compensation and push the company to reduce other costs.
Shares of Twitter are now more than $8 below Musk’s offer, a sign that investors may be skeptical that a deal will go through. A Twitter spokesperson confirmed that the company’s head of consumer Kayvon Beykpour and revenue product head Bruce Falck will be leaving the company.
Interrupting my paternity leave to share some final @twitter-related news: I’m leaving the company after over 7 years.
— Kayvon Beykpour (@kayvz) May 12, 2022
In a series of tweets on Thursday, Beykpour said it was not his decision to leave Twitter. He said he shared the news that he was leaving the company while on paternity leave.
“Parag (Twitter CEO Parag Agrawal, editor’s note) asked me to leave the company after telling me he wanted to lead the team in a different direction,” he wrote.
Falck took to Twitter on Thursday to thank the team he worked for at Twitter but did not directly address his departure. Twitter said it will cut non-labor costs, and Jay Sullivan will take over as general manager of consumer team Bluebird and interim general manager of revenue team Goldbird.
I wanted to take a moment to thank all the teams and partners I’ve been lucky enough to work with during the past 5 years. Building and running these businesses is a team sport
— bruce.falck() 🦗 (@boo) May 12, 2022