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Techcrunch confirmed that Twitter laid off 30% of its talent acquisition team today. Musk has no power over Twitter’s affairs, but his plans to shed excess resources have already begun. See More: Meta Tells Employees to Brace for “Serious Times” in Leaked Internal Memo The roller coaster ride seemed to have ended when Musk remotely joined a town hall at Twitter in June and spoke with employees about his plans for the company, including a return to in-office work, possible layoffs and scaling up to one billion users. He rejected it and came back with a $44 billion cash truck to take over the entire company, for which he originally faced resistance. Musk, the largest individual Twitter shareholder and the second-largest overall with a 9% stake, was offered a seat on the Twitter board. The deal is subject to a termination fee of $1 billion owed by either of the two parties that reneges on the acquisition. The company made a net profit only in 2018 ($1.2 billion) and 2019 ($1.46 billion) since it went public. Nevertheless, the share value is far from its 52-week high of $73.34. Since mid-May, Twitter’s share value has been hovering between $35 to $40, the same level before Musk announced his plans. Twitter shares hit a 52-week low of $31.3 before gaining traction for a few weeks when Musk’s intent to buy the company became public knowledge. Between then and now, a lot has changed.īesides controversies such as sweeping the story of him flashing a SpaceX flight attendant and fathering twins with his direct report at Neuralink (another company he co-founded), the possibility of a recession is also hitting Twitter hard.

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As such, they have “stopped engaging in certain discussions around funding,” according to the Post.Įarlier this year, the billionaire CEO of Tesla and SpaceX announced grand plans for Twitter, both as a business and as its role in enabling free speech. More importantly, Musk and his investors, including Oracle’s Larry Ellison, VC firm Andreessen Horowitz, Binance, and the Qatari state investment firm, do not believe they have enough information to proceed. But it doesn’t look like Musk and his investors are buying it. In June, Twitter opened up its firehose, i.e., the company’s live stream of user-generated data, to assuage concerns that bots, spam or fake accounts constitute fewer than 5% of all Twitter users. The latest development comes almost two months after the $44 billion deal was put “ on hold ” in May because Musk had apprehensions about Twitter’s disclosure made through a filing in the same month that the number of bots, spam or fake accounts was below 5% of the total users. Meanwhile, Twitter has laid off 30% of its recruitment staff.

According to three sources who spoke to The Washington Post, Musk and investors believe that Twitter’s bot/spam/fake account data is unverifiable and have cast doubts on the microblogging platform’s prospects as a business. Elon Musk could be backtracking on the acquisition of Twitter.