What game is Elon Musk playing? While the acquisition of Twitter by the billionaire had been accepted by the board of directors of the social network, the agreement is temporarily suspended. The businessman announces that he is waiting for more details on the fake accounts that are flooding the social network. Internally, the firm is also in the throes of change, two executives have been dismissed.
“The agreement with Twitter is temporarily suspended pending details that establish that spam/fake accounts actually represent less than 5% of users.” Elon Musk strikes again. With this tweet, the billionaire calls into question the acquisition of the social network for 44 billion dollars. The businessman, well aware of how Twitter works and the number of spam and fake accounts it contains, cannot pretend to be surprised about this. To this end, it has already been accused by several users of taking advantage of these bots to increase its popularity on Twitter (92.7 million followers), and some even go so far as to say that half of its subscribers are fake accounts. . Ironically, he said he wanted to rid Twitter of these bots.
As a direct consequence of this stand-by, Elon Musk’s announcement caused the group’s share price to plunge by around 20% in trading prior to the opening of the stock market on Wall Street. Returning to the offer accepted by all parties, does Elon Musk hope to lower the buyout price? In any case, it is an option to consider. For its part, the firm is undergoing a major overhaul. Parag Agrawal, at the helm of Twitter, seems to be cleaning up after announcing the layoff of two product and revenue managers, as well as a hiring freeze.
Two fired Twitter executives
A change of direction. In any case, this is what Parag Agrawal invoked when he thanked Kayvon Beykpour, responsible for clients within the firm. The latter, present for 7 years at Twitter, including 3 in this position, explains that “it’s not like that that[il avait] imagined quitting Twitter, and it wasn’t [sa] decision “. He was on paternity leave when he heard the news. Another executive, Bruce Falck, chief revenue officer and chief product officer, was pushed out the door. He didn’t expect it either.
Jay Sullivan, currently interim CEO of Bluebird (“Bluebird” is what Twitter calls its consumer product team) since November 2021, will take over as both permanent chief product officer and chief per income interim.
A memo for all employees
Parag Agrawal sent a memo to all the teams, explaining that “it is essential to have the right leaders at the right time”. The CEO highlighted the importance of Kayvon Beykpour’s work: “Under his leadership, our product has evolved and grown significantly – I know I speak for all of us when I say we are deeply grateful for its impact. considerable “. After mentioning the work of Bruce Falck, he clarified that the search is underway for a new managing director of Goldbird (the name given to the team that creates revenue-generating products).
“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 laid the foundation for the evolution of our ad business to be more performance-based,” he said. The CEO also took the time to respond to Kayvon Beykpour et Bruce Falck on Twitter as they looked back on their years of loyal service to the firm, and thanked their respective teams.
Hiring put on hold
The company also announced in an internal memo that it was freezing hiring and other cost-cutting efforts. It could even cancel published job offers. “We are reducing contractor and consultant spend, travel and events, marketing, our real estate footprint, on-premises and public cloud infrastructure spend, and other operational costs,” added the CEO.