Twitter has hit the headlines, particularly over the now contested acquisition by billionaire investor Elon Musk. The deal has supposedly gone sour as both parties trade accusations back and forth.
Last week, Twitter announced that it was sending home 30% of its talent acquisition team. The number of people affected is reportedly less than 100. Twitter has a workforce of more than 7,000 people around the globe.
Earlier this year, Twitter stopped hiring, pending the $44 billion takeover by Elon Musk. Twitter has been riding over a stormy economic period, although there is a general wave of layoffs within the tech industry.
Besides the layoffs, Twitter has undergone far-reaching reshuffles since Parag Agrawal took over from Jack Dorsey as CEO. Agrawal relieved consumer General Manager Keyvon Beykpour and revenue product lead Bruce Falck.
While undertaking some of the changes, Agrawal tweeted, “Some have been asking why a ‘lame-duck’ CEO would make these changes if we’re getting acquired anyway,” Agrawal tweeted. “While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter.”
While the state of the Musk deal remains unknown, Twitter has sought the services of renowned law firm Wachtell, Lipton, Rosen & Katz LLP, which specializes in merger and acquisition law to handle the case.
It is expected that the law firm will file a suit in the course of the week at the Delaware Court of Chancery.
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