Twitter has laid off part of its talent acquisition team as the company continues to manage costs ahead of Elon Musk’s potential acquisition of the social media platform.
Wall Street Journal It was first reported that Twitter laid off a third of its employees. Twitter confirmed the layoffs, which it says are limited to that team. The Hollywood reporter.
The decision comes after the company halted most hiring and filled positions except for critical roles. CEO Parag Agrawal The company said before I was in the middle of cost management”A very challenging macro environment.” In May, Agrawal fired Twitter CEO Kevin Bakepour and Bruce Falk, the company’s product revenue leader.
Meanwhile, Musk’s bid to buy Twitter hangs in the balance. The billionaire made a $44 billion offer, or $54.20 a share, to buy the company in late April. The offer was accepted by the company, which recently asked shareholders to approve the deal.
However, Musk himself seems to be interested in the deal. The company has pressed Twitter to provide detailed reports on the number of spam accounts on the platform and has threatened to pull out of the deal if the company does not provide data to back up its public claims that these accounts represent less than 5% of assets. . basic user.
Twitter released more information on Thursday and told executives about it. spam count Accounts on the platform are even lower and actively removes 1 million spam accounts a day.
Still, Wall Street is skeptical of the deal, at least at its original price. Twitter shares are currently trading at around $39.
“We believe the odds of the deal finally being completed are currently ~60%, with an offer to renegotiate at a lower price, likely in the $42-$45 range due to the fake account issue.” There’s still a 35% chance that Musk will decide to back out of the deal, try to pay $1 billion in taxes, and likely end up in a nasty legal battle with Twitter’s board in the coming months,” Wedbush analysts wrote in a statement. . Monday.
Musk is due to speak on Saturday. Allen & Co.’s Sun Valley conference, where executives including Facebook CEO Mark Zuckerberg, Warner Bros. David Zaslav, Disney CEO Bob Chapek and Netflix CEO Ted Sarandos are in attendance.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
