Twitter is removing both the stock and the executive, as Elon Musk is shaking up the takeover drama company.
Musk may be seriously considering backing out of his $ 44 billion Twitter takeover deal, but several high-ranking people in the company have worked on the drama.
Three senior executives at the company, including two vice presidents, left Twitter this week, Bloomberg Reported on Tuesday. A Twitter spokesman confirmed their departure Bloomberg; It is said that they left the company of their own free will.
Last week, CEO Parag Agarwal announced in an email to staff that leaders of two top-tier companies in the consumer goods and revenue departments were leaving. Both employees later said on their Twitter account that they had been fired. Twitter shares have fallen nearly 18% in the last five days since the issue of executive exit became public.
Musk said a lower bid for the company was “not out of the question” and that he could renegotiate the takeover price. Speculation that he could exit the deal has already wiped out most profits since Twitter’s stock began to rise last month, and a gap is widening between the company’s current price and Mask’s original offer, with his comments on the growing proportionality of the ratio.
Musk’s now contracted Twitter bid was worth $ 54.20 per share. On Wednesday, the Twitter share price was $ 36.85.
Twitter’s exit comes amid a wave of job offers suspended and withdrawn due to its labor cost reassessment. In his letter to employees last week, Agarwal said the company was not on track to achieve last year’s revenue and user growth targets, which included doubling its revenue and having 315 million “monetized daily active users” by the end of 2023.
The CEO assured employees that Twitter was not planning any company-wide layoffs.
Among the “other operational costs”, Twitter is also cutting costs for its marketing department, contractors and consultants, travel and events and its real estate costs, “Agarwal wrote.
Confusion surrounding Twitter’s management, and uncertainty about what Elon Musk will actually do or when he will complete his takeover bid, sent the company’s stock rolling in recent days, with Twitter down 20% from last week.
Musk has so far done little to help clear up the company’s volatile management situation. The potential Twitter owner has repeatedly reacted harshly to current Twitter staff, criticizing executives on the platform.
Last week, Musk left Twitter management’s situation even more chaotic when he announced that the takeover deal was “on hold” until he received more information from Agarwal about how many bot accounts he actually had on social media sites, claiming the company could. The number of extended spam or fake profiles on the platform is reported to be significantly lower.
Twitter employees say Musk is treating the company “like a dog playing with toys” and many are concerned about how the potential owner’s actions begin to devalue the company before the takeover bid is completed.
This story was originally shown on Fortune.com