Two Twitter leaders are leaving the company after Tesla CEO Elon Musk’s successful bid to buy the social media platform. A memo obtained by the New York Times also indicates that the company is establishing a hiring freeze and cutting back on spending after poor performance in recent quarters.
Twitter General Manager Kayvon Beykpour and General Manager for Revenue Bruce Falck are leaving the company, according to a memo obtained by the New York Times.
Beykpour took a break from his “paternity leave” to tweet about his departure from the company on Thursday
“Interrupting my paternity leave to share some final @twitter-related news: I’m leaving the company after over 7 years,” he wrote.
“The truth is that this isn’t how and when I imagined leaving Twitter, and this wasn’t my decision,” Beykpour added in a follow-up tweet. “Parag asked me to leave after letting me know that he wants to take the team in a different direction.”
The truth is that this isn’t how and when I imagined leaving Twitter, and this wasn’t my decision. Parag asked me to leave after letting me know that he wants to take the team in a different direction.
— Kayvon Beykpour (@kayvz) May 12, 2022
In the memo, Twitter CEO Parag Agrawal said, “It’s critical to have the right leaders at the right time.”
Beykpour will be replaced by Jay Sullivan, who is currently the interim general manager of the consumer product.
Sullivan’s “product vision, ability to inspire, move quickly and drive change is what Twitter needs now, and in the future,” Agrawal said in the memo.
The memo also noted that Twitter has frozen hiring, and is pulling back on discretionary spending — partly due to the company not hitting its goals in audience and revenue growth, Agrawal said.
As Breitbart News reported earlier this week, Musk’s pitch for Twitter includes major employee turnover and massive revenue increases.
Moreover, the investment firm Hindenburg Research says Twitter is at Musk’s mercy, noting that the billionaire could end up paying less than the $44 billion he offered last month to purchase the social media platform.
“Musk holds all the cards here,” the firm said. “If Elon Musk’s bid for Twitter disappeared tomorrow, Twitter’s equity would fall by 50% from current levels. Consequently, we see a significant risk that the deal gets repriced lower.”
Musk is expected to close on the deal for Twitter within the next few months.