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Twitter CEO Sends Execs Packing, Suspends Hiring: What Investors Need To Know

Twitter Inc TWTR is pausing hiring amid the departure of two company executives. 

What To Know: According to a Reuters report, Twitter’s head of consumer Kayvon Beykpour and revenue product lead Bruce Falck are leaving the company. Reuters said it obtained the information in an email to employees from Twitter CEO Parag Agrawal.

The departure comes as Tesla Inc TSLA CEO Elon Musk works to close a $44-billion takeover deal — an acquisition that Musk says is still two months away at best. 

The Twitter CEO told employees in the email the social media company would suspend hiring and review all existing job offers to determine whether they should remain in place.

Why It Matters: In a series of tweets, Beykpour publicly stated that his departure was not on his own accord. Instead, he was asked to step down.

“The truth is that this isn’t how and when I imagined leaving Twitter, and this wasn’t my decision. Parag asked me to leave after letting me know that he wants to take the team in a different direction,” Beykpour said.

See Also: Trending On Twitter: #StockMarketCrash Brings Out Anger, Patience And Silliness

Falck also took to Twitter to thank the teams and partners he worked with during his time at the company, although he didn’t say whether he was asked to leave. 

TWTR Price Action: Twitter shares have been volatile since the news of Musk’s involvement. 

The stock was down 4.46% at $44.04 at press time, according to data from Benzinga Pro.

Photo: StockSnap from Pixabay.

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