Twitter Freezes Hiring Ahead of Musk Takeover

Social Media giant Twitter is freezing new hiring ahead of Elon Musk’s purchase of the company. The change in HR policy comes just after two high-level managers left the company to avoid scrutiny from the incoming owner and chief executive, according to a Wall Street Journal report.

Twitter Chief Executive Parag Agrawal announced the actions along with the surprise departure of two senior executives, according to an internal memo.

“Effective this week, we are pausing most hiring and backfills, except for business critical roles,” Mr. Agrawal wrote in the memo, which was reviewed by The Wall Street Journal.

Musk told bankers that he would cut staff and executive/board pay during meetings in which he sought to seek funding for his takeover of the heavily censored social media company. Now, the current CEO is either toeing the line to make sure the Musk deal goes through (so he gets his massive payout) or he’s hoping to please the new master (not likely).

The managerial exits will likely incite a sort of ‘lemming effect’ as workers follow management’s lead and exit the company instead of stay behind under Musk’s leadership. In the current tech climate, that might not be as easy as they expect.

Facebook’s ‘Meta’ has sharply slowed hiring as its vision struggles to attract … anyone. Other tech companies are also backing off on new hires.

Twitter’s move adds to broader upheaval in the tech industry in recent weeks where several companies are cutting staff and spending or slowing hiring. Robinhood Markets Inc. HOOD 5.03%▲ last month said it was laying off 9% of its full-time workers and is cutting back on duplicate roles it added when the investment platform was growing rapidly beginning in 2020.

Online car dealer Carvana Co. CVNA 24.67%▲ plans to shed 12% of its staff.

Facebook parent Meta Platforms Inc. this month sharply slowed down hiring, ending an extended period in which the tech giant added thousands of jobs a year.

https://www.wsj.com/articles/two-senior-twitter-executives-are-leaving-amid-elon-musk-takeover-11652375577

So while a tech-exit is certainly occurring at Twitter, it’s not certain how many will leave or where they will go.

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