Two Twitter executives to leave company ahead of Elon Musk buyout

Dow Jones2022-05-13

MW Two Twitter executives to leave company ahead of Elon Musk buyout

By Emily Bary

Company is also pausing most hiring and backfills

Twitter Inc.'s general managers for revenue and consumer are leaving the company ahead of Tesla Inc. Chief Executive Elon Musk's takeover of the social-media giant.

Kayvon Beykpour, the general manager of Twitter's (TWTR) consumer business, announced in a series of Thursday tweets that the company's current chief executive, Parag Agrawal, asked him to leave "after letting me know that he wants to take the team in a different direction."

Beykpour said he was on paternity leave at the time he got the news.

Bruce Falck, Twitter's general manager of revenue, will be departing along with Beykpour, a Twitter spokesperson confirmed to MarketWatch.

Twitter also plans to pause most hiring and backfills, the spokesperson added, except in the case of business-critical roles. The company will cut back on non-labor costs as well.

A report in The Wall Street Journal Thursday indicated that Twitter didn't have current plans for companywide layoffs.

Musk is in the process of acquiring Twitter, after reaching a deal with the company's board of directors. He recently picked up new financing partners, and a Thursday Bloomberg report said that he was in talks to raise enough funding through equity and preferred financing such that he wouldn't have to take out a margin loan against his Tesla $(TSLA)$ shares.

Twitter share were off 1.2% in afternoon trading Thursday.

-Emily Bary

$(END)$ Dow Jones Newswires

May 12, 2022 13:57 ET (17:57 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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Comments

Benny76
2022-05-13
Benny76
Interesting....a bit less prouning for Elon to have to do.

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