Twitter to Freeze Hiring, Rescind Offers Ahead of Musk Deal
- Heads of product, revenue say they were asked to leave
- CEO Parag Agrawal cites macroeconomic conditions in memo
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Twitter Inc. Chief Executive Officer Parag Agrawal announced a hiring freeze and other cost-cutting efforts on Thursday, a reflection of the company’s state of uncertainty while it awaits Elon Musk’s $44 billion takeover.
The social media company won’t hire new employees and may rescind offers already out, according to an internal memo obtained by Bloomberg. Some exceptions will be made for business-critical roles, as determined by Twitter leadership. The company is also pulling back on costs such as travel, consulting and marketing, according to the memo.