MAY 6, 2023 — IS TWITTER DONE DOWNSIZING STAFF?
According to published reports, Elon Musk has reduced Twitter’s headcount to 1,000 full-time employees.
NOVEMBER 6, 2022 — 4,400 CONTRACTORS
It appears that Twitter has reduced its contractor workforce by an estimated 4,400 contract workers with little or no notice.
NOVEMBER 6, 2022 — THE COUNT
San Francisco, 784 job cuts
San Jose, 106 positions lost
Santa Monica, 93 jobs eliminated
NOVEMBER 4, 2022 — BYE, BYE, BIRDIE
Hello,
As shared earlier today, Twitter is conducting a workforce reduction to help improve the health of the company.
These decisions are never easy and it is with regret that we write to inform you that your role at Twitter has been impacted.
Today is your last working day at the company, however, you will remain employed by Twitter and will receive compensation and benefits through your separation date of February 2, 2023.
During this time, you will be on a Non-Working Notice period and your access to Twitter systems will be deactivated. While you are not expected to work during the Non-Working Notice period, you are still required to comply with all company policies, including the Employee Playbook and Code of Conduct.
Within a week, you will receive details of your severance offer, financial resources extending beyond your Non-Working Notice period.
At that time you will also receive a Separation Agreement and Release of Claims and other offboarding…
Employees reacted by suing the company for violating state and federal WARN NOTICE regulations.
OCTOBER 27, 2022 — MUSK ASSUMES CONTROL, FIRES KEY EXECUTIVES
Elon Musk assumed operational control over Twitter and fired company CEO Parag Agrawal, CFO Ned Segal, senior legal representative Vijaya Gadde, and general counsel Sean Edgett.
Musk plans a companywide meeting to explain himself and his vision for Twitter.
OCTOBER 20, 2022 — MUSK TELLS INVESTORS OF PLANS TO REDUCE WORKFORCE
“Twitter’s workforce is likely to be hit with massive cuts in the coming months, no matter who owns the company, interviews, and documents obtained by The Washington Post.”
“Elon Musk told prospective investors in his deal to buy the company that he planned to get rid of nearly 75 percent of Twitter’s 7,500 workers, whittling the company down to a skeleton staff of just over 2,000.”
“Even if Musk’s Twitter deal falls through — and there’s little indication now that it will — big cuts are expected: Twitter’s current management planned to pare the company’s payroll by about $800 million by the end of next year, a number that would mean the departure of nearly a quarter of the workforce, according to corporate documents and interviews with people familiar with the company’s deliberations. The company also planned to make major cuts to its infrastructure.”
JULY 8, 2022 — MUSK NOTIFIES TWITTER DEAL IS IN DANGER OVER DISCLOSURE OF SPAMBOTS
Musk’s lawyer claimed Twitter failed to comply with its obligations in the merger agreement. Billionaire Elon Musk wants to end his $44 billion deal to buy Twitter.
Look for more cost-cutting.
JULY 8, 2022 — JOB RECRUITER LAYOFFS
As Twitter starts reducing its headcount in anticipation of its acquisition, the company has announced that it has laid off 30 percent of its talent acquisition team, which includes recruiters and others charged with bringing on new hires. Approximately 100 employees were impacted by the layoffs.
MAY 13, 2022 — TWITTER DEAL PLACED ON HOLD
It appears that the planned purchasers are verifying Twitter’s warranties and representations, especially user accounts and bot representation before proceeding with their purchase. It is possible that the price could be adjusted downward.
MAY 7, 2022 — MASS LAYOFFS, CULTURE CHANGE, EXTREME WORK ETHIC?
From Musk’s Twitter feed…
“If Twitter acquisition completes, company will be super focused on hardcore software engineering, design, infosec & server hardware”
“I strongly believe that all managers in a technical area must be technically excellent. Managers in software must write great software or it’s like being a cavalry captain who can’t ride a horse!”
“Also, work ethic expectations would be extreme, but much less than I demand of myself”
Twitter will always be free for casual users, but maybe a slight cost for commercial/government users
APRIL 25, 2022 — TWITTER WAS ACQUIRED BY ELON MUSK AND WILL BE TAKEN PRIVATE. ANTICIPATE EMPLOYEE DISRUPTIONS.
In what we can describe only as an ideological battle over political free speech issues, Twitter’s Board of Directors has agreed to sell the social media platform Twitter to billionaire entrepreneur Elon Musk.
Musk’s announced intention is to take Twitter private and restore its original open free speech values.
Both management and rank-and-file employees will be impacted, some choosing to quit over ideological differences, some being terminated for being resistant to change, and others eliminated by the type of cost-cutting that usually accompanies a mega-bucks acquisition.
SAN FRANCISCO, April 25, 2022 /PRNewswire/ -- Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
Bret Taylor, Twitter's Independent Board Chair, said, "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."
Parag Agrawal, Twitter's CEO, said, "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important."
"Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," said Mr. Musk. "I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it."
Transaction Terms and Financing
The transaction, which has been unanimously approved by the Twitter Board of Directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions.
Mr. Musk has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. There are no financing conditions to the closing of the transaction.
Look for significant internal resistance and sabotage from Twitter employees.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?