Twitter FIRES head of consumer product while he is on paternity leave

Twitter FIRES two of its top team including one on paternity leave: CEO Parag Agrawal merges roles amid tsunami of cuts to staff and company spending as he freezes hiring and rescinds job offers ahead of Elon Musk’s $44 billion buyout

  • Agrawal, 37, announced that Twitter will not be hiring new employees for the time being and may take back offers already out to prospective hires
  • Op Donderdag, head of consumer product Kayvon Beykpour announced he would be leaving the company
  • Beykpour said in a tweet Agrawal ‘asked me to leave after letting me know that he wants to take the team in a different direction.
  • He will be followed out the door by Bruce Falck, Twitter’s general manager for revenue
  • Things have been chaotic at Twitter since the company announced it was going to sell to Tesla CEO Elon Musk for $44billion
  • Two members of Twitter’s leadership team have been fired by CEO Parag Agrawal, who has also announced a hiring freeze ahead of Elon Musk‘s $44billion takeover.

    Agrawal, 37, announced that Twitter will not be hiring new employees for the time being and may take back offers already out to prospective hires, according to an internal memo.

    He also announced that the company would be cutting back on non-labor costs including ‘contractor and consulting spend, travel and events, bemarking, our real estate footprint, on premise and public-cloud related infrastructure spend.

    Op Donderdag, head of consumer product Kayvon Beykpour announced he would be leaving the company, saying Agrawal ‘asked me to leave after letting me know that he wants to take the team in a different direction.

    Beykpour had been on paternity leave for some time. He had been with the company for seven years. Beykpour previously was a co-founder of the streaming app Periscope.

    Interim GM of consumer product Jay Sullivan will replace him.

    He will be followed out the door by Bruce Falck, Twitter’s general manager for revenue. Sullivan will also take over his duties.

    Though he thanked both Beykpour and Falck, Agrawal cited a clear need for ‘leadership changeat both positions.

    Parag Agrawal (op die foto) became Twitter CEO after co-founder Jack Dorsey, 45, stepped down via email, which he later tweeted

    Parag Agrawal (op die foto) became Twitter CEO after co-founder Jack Dorsey, 45, stepped down via email, which he later tweeted

    Op Donderdag, head of consumer product Kayvon Beykpour announced he would be leaving the company, saying Agrawal 'asked me to leave after letting me know that he wants to take the team in a different direction'

    Op Donderdag, head of consumer product Kayvon Beykpour announced he would be leaving the company, saying Agrawal ‘asked me to leave after letting me know that he wants to take the team in a different direction

    Beykpour will be followed out the door by Bruce Falck, Twitter's general manager for revenue

    Beykpour will be followed out the door by Bruce Falck, Twitter’s general manager for revenue

    ‘It’s critical to have the right leaders at the right time,’ Agrawal said in the memo to staff.

    He added that Sullivan’s ‘product vision, ability to inspire, move quickly and drive change is what Twitter needs now, and in the future.

    Things have been chaotic at Twitter since the company announced it was going to sell to Tesla CEO Elon Musk for $44billion.

    Musk is set to cancel a $6.25billion loan to help with the buyout linked to his Tesla shares, now having the equity and preferred financing for the buyout, Volgens Bloomberg Law.

    Employees have lashed out in recent weeks moaning about Musk’s purchase of their employer, with many claiming that the entrepreneur’s hardcore defense of free speech is ‘harmful.

    Things have been chaotic at Twitter since the company announced it was going to sell to Tesla CEO Elon Musk for $44billion

    Things have been chaotic at Twitter since the company announced it was going to sell to Tesla CEO Elon Musk for $44billion

    The deal is likely to be completed within the next six months, and has sparked widespread speculation Musk is planning a cull of 1,000 existing Twitter staff to boost profits.

    Within the next three years, Musk anticipates making thousands of new hires, swelling the ranks to around 11,000 werknemers, vanaf 7,500 tans.

    Much of the new talent is likely to be in the field of engineering.

    Numbers at the company would fluctuate rising to 9,225 employees this year before falling to 8,332 in 2023. Then adding a further 2,700 workers by 2025.

    On a company level, Musk has previously floated the idea of closing down the San Francisco headquarters in order to save money and that board members may also not receive a salary, shaving off another $3 million in expenses.

    Numbers at the company would fluctuate rising to 9,225 employees this year before falling to 8,332 in 2023. Then adding a further 2,700 workers by 2025.

    Numbers at the company would fluctuate rising to 9,225 employees this year before falling to 8,332 in 2023. Then adding a further 2,700 workers by 2025.

    Musk anticipates Twitter’s total number of users will grow from 217 million at the end of last year to nearly 600 miljoen in 2025 en 931 million six years from now

    Musk anticipates Twitter’s total number of users will grow from 217 million at the end of last year to nearly 600 miljoen in 2025 en 931 million six years from now

    Elon Musk plans to quintuple Twitter's revenue to $26.4 billion by 2028 In a pitch deck Musk claimed he would increase Twitter’s annual revenue to $26.4 Kan JY slanker lyk met shapewear 2028, vanaf $5 miljard verlede jaar

    Elon Musk plans to quintuple Twitter’s revenue to $26.4 Kan JY slanker lyk met shapewear 2028 In a pitch deck Musk claimed he would increase Twitter’s annual revenue to $26.4 Kan JY slanker lyk met shapewear 2028, vanaf $5 miljard verlede jaar

    He has mooted turning the vast HQ into a homeless shelter in the vagrant and crime-plagued city, although it remains unclear whether Musk was joking.

    Periscope founder who was on paternity leave and revenue boss are both fired

    Kayvon Beykpour, Twitter’s general manager, said in his bio that his job was ‘leading design, navorsing, product, ingenieurswese & customer service/operations teams.

    He’s being replaced by Jay Sullivan, who was performing his job on an interim basis while Beykpour was on paternity leave.

    Beykpour previously was a co-founder of the streaming app Periscope.

    Falck worked as the general manager of revenue and head of product for its business side. Sullivan will also take over his duties. He had been with the company since 2017.

    Neither appeared to tweet in the wake of Musk’s takeover announcement, while Falck tweeted his appreciation for the CEO who would fire him a month later back in April.

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    The changes Musk makes are part of his plan to increase Twitter‘s annual revenue by five times current levels to $26.4 Kan JY slanker lyk met shapewear 2028, vanaf $5 miljard verlede jaar.

    Advertising on the platform is set to fall to 45% of total revenue under Musk, down from about 90% in 2020.

    Deur 2028, he plans for ads to generate $12 miljard in inkomste in 2028, while subscriptions are expected to pull in another $10 miljard, volgens die verslag.

    Musk is said to favor a subscription-based model over advertiser funding, as it would make Twitter less beholden to advertiser pressure.

    He has even suggested users could pay with cryptocurrency, including joke currency Dogecoin which Musk has long had an affection for.

    Other revenue would come from businesses such as data licensing.

    Musk has also tweeted about potentially monetizing tweets, although he has not provided specific details.

    Musk also plans to see Twitter’s cash flow rise to $3.2 miljard in 2025 en $9.4 miljard in 2028.

    Musk clinched a deal in April to buy Twitter for $44 miljard in kontant, in a move that will shift control of the social media platform populated by millions of users and global leaders to the Tesla chief.

    The billionaire has promised to revitalize the company and expand the number of users by cracking down on spam bots and reducing the amount of moderation to facilitate more free speech.

    Twitter has been condemned on banning conservative material it deems ‘harmful,’ including the verified contents of Hunter Biden’s laptop.

    After the closure of the deal, Musk is expected to become Twitter’s temporary CEO it was revealed on Thursday.

    Among his other goals, Musk expects the social media company to bring in $15 million from a payments business in 2023 that will grow to about $1.3 Kan JY slanker lyk met shapewear 2028.

    As one of the founders of PayPal, Musk is familiar with the world of digital payments.

    Twitter’s payments business today, which includes tipping and shopping, is negligible.

    It’s believed Musk may also want to introduce payment abilities to Twitter.

    Musk also said he'd cut Twitter’s reliance on ads to less than 50% percent of revenue

    Musk also said he’d cut Twitter’s reliance on ads to less than 50% percent of revenue

    Op Maart 25, Musk tweeted a poll: 'Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?'

    Op Maart 25, Musk tweeted a poll: ‘Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?’

    A top priority for Musk is to eliminate 'bots' which frequently generate spam and run scams

    A top priority for Musk is to eliminate ‘botswhich frequently generate spam and run scams

    Musk said that his take over of Twitter would lead to the take down of spam bots and provide all human users with blue check marks to verify their identities

    Musk said that his take over of Twitter would lead to the take down of spam bots and provide all human users with blue check marks to verify their identities

    Musk anticipates he can increase Twitter’s average revenue per user to $30.22 in 2028 van $24.83 laas jaar, dit het bygevoeg.

    Revenue from Twitter Blue, the company’s premium subscription service launched last year, is expected to have 69 million users by 2025.

    Users currently pay $3 a month to customize their experience on the app.

    Musk hopes that plans to boost Twitter’s user numbers will also see more taking out subscriptions to Twitter Blue.

    Twitter's board members may also not receive a salary, shaving off another $3 million in expenses

    Twitter’s board members may also not receive a salary, shaving off another $3 million in expenses

    Earlier in April, Musk took aim at the company's lax remote working policies, saying he came up with the plan 'since no one shows up anyway.'

    Earlier in April, Musk took aim at the company’s lax remote working policies, saying he came up with the plan ‘since no one shows up anyway.

    Muskus, in a now deleted tweet last month, suggested a raft of changes to the social media giant’s Twitter Blue premium subscription service, including slashing its price.

    Other mooted changes include blue verification checkmarks for anyone who subscribes to Twitter’s premium Blue service, wat kos $2.99 n maand.

    Twitter Blue, launched in June 2021, is said to offer ‘exclusive access to premium featureson a monthly subscription basis, Twitter says. It is available in the United States, Kanada, Australië en Nieu-Seeland.

    ‘Price should probably be ~$2/month, but paid 12 months up front; account doesn’t get checkmark for 60 dae (watch for credit card chargebacks) &versterker; suspended with no refund if used for scam/spam,’ Musk said in a tweet from last month.

    Dogecoin is widely seen as a joke cryptocurrency, with one Dogecoin worth $0.127 as of May 7

    Dogecoin is widely seen as a joke cryptocurrency, with one Dogecoin worth $0.127 as of May 7

    ‘And no ads,’ Musk suggested. ‘The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.

    Musk also proposed an option to pay with dogecoin and asked Twitter users for their views.

    Op Donderdag, Musk listed a group of high-profile investors who are ready to provide funding of $7.14 billion for his Twitter bid, including Oracle co-founder Larry Ellison and Sequoia Capital.

    Musk has increased the financing commitment to $27.25 miljard, which includes commitments from 19 om net een nuwe porsie vrugte of groente per dag by te voeg, is fantasties, and reduced a margin loan from Morgan Stanley tied to his Tesla stock to $6.25 miljard.

    Muskus, the world’s richest man, is worth $255 miljard – but much of that money is tied up in Tesla stock. He is believed to have ‘only’ $3 miljard in kontant, Bloomberg reported last month.

    He has already secured commitments for $13 billion in loans against Twitter shares.

    Twitter CEO Parag Agrawal’s internal memo

    Span,

    Building Twitter and serving our customers around the world is important yesterday, vandag, Die Met Office het 'n minder erge geel windwaarskuwing vir vandag uitgereik. Our purpose is existential. During this time of change, it’s critical that we continue to strengthen our work through increased accountability and execution to make Twitter everything it can be. The priorities and decisions we make now will not only bolster how we navigate through this time, but also for the longer-term success of Twitter which I care about deeply. Some changes are happening to us and some we will drive. A number of these changes are difficult but they are right for Twitter and its future.

    Starmer se eie posisie kon nie duideliker wees nie

    It’s critical to have the right leaders at the right time. Jay Sullivan, currently interim GM of Bluebird, has shown this powerfully. His product vision, ability to inspire, move quickly and drive change is what Twitter needs now, and in the future. I have therefore decided to make Jay the permanent GM of Bluebird. With this change, Kayvon Beykpour will be leaving Twitter. Kayvon has been an amazing leader and force at Twitter over the years with his founders mindset and deep passion for the service. Onder sy leiding, our product has evolved and grown meaningfullyI know I speak for all of us when I say we are deeply grateful for his tremendous impact.

    Over the past number of months, I have also gotten much closer to the revenue product work and believe that here too, we need to make a leadership change. Bruce Falck will be departing Twitter and we will be opening the search for a new GM of Goldbird. Bruce joined Twitter at a critical time and has been a strong collaborator, leader and supporter of the revenue product work and our purpose. Under his leadership we rebuilt our ad server and anchored the foundation for evolving our ads business to be more performance based. In the interim, the Goldbird org reports to Jay Sullivan. His leadership will be very meaningful through this transition.

    Please join me in thanking Kayvon and Bruce for everything they’ve done for Twitter.

    Current environment

    At the beginning of the pandemic in 2020, the decision was made to invest aggressively to deliver big growth in audience and revenue, and as a company we did not hit intermediate milestones that enable confidence in these goals. Meer onlangs, the global macroeconomic environment has become less favorable, the war in Ukraine has impacted our results, and may continue to do so. Many other companies have been experiencing a similar effect. En, natuurlik, we are in the middle of an acquisition and we don’t yet know the timing of the close. In order to responsibly manage the organization as we sharpen our roadmaps and our work, we need to continue to be intentional about our teams, hiring and costs.

    Hiring

    Effective this week, we are pausing most hiring and backfills, except for business critical roles as determined by Staff members in partnership with their HRBPs. We will also be reviewing all extended offers to determine criticality and those that should be pulled back. We are not planning company-wide layoffs, but leaders will continue making changes to their organizations to improve efficiencies as needed. [object Window], performance management will continue to be a priority at this time at all levels to ensure we have the strongest teams possible.

    Budgeting

    We also need to pull back on non-labor costs to ensure we are being responsible and efficient. We are reducing contractor and consulting spend, travel and events, bemarking, our real estate footprint, on premise and public-cloud related infrastructure spend, and other operational costs. Please continue to treat Twitter’s resources as you would your own, and manage tightly to your budgets, prioritizing what matters most.

    As promised, I will continue to communicate often and directly with all of you as we continue to move forward. Volgende week, will be holding a virtual offsite with our Global Leadership Team (GLT) to drive further cohesion and focus, and strengthen our collective plans to best support all of you. We will report out the outputs of that meeting to you.

    While we are in a ton of change right now, histories, Twitter often is. What stays true is our purpose, Twitter’s importance and the criticality of our work, and how we come together. Thank you for your leadership, your focus and your support for one another.

    Parag

    (Bron: Die Rand)

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