Twitter says attrition slightly up, doesn’t plan companywide layoffs

The San Francisco company included the communication in a filing with the Securities and Exchange Commission on Wednesday.

It also says Twitter is losing workers at a slightly higher rate than normal economic times, but in line with current tech industry trends.

The company says it will monitor turnover “to ensure we can quickly identify any areas of concern and help mitigate where possible.”

Read also: As Twitter sues Musk, company warns employees of further ‘noise’

Twitter said it planned to offer a package to retain employees, and on June 20, it asked Musk to agree to programs that were approved by the board and its compensation committee. The filing said that Musk “has not provided his consent to implement these programs.”

Read also: Microsoft’s job cuts, Google’s hiring slowdown. 10 points you need to know

The employee question-and-answer document attached to the filing states that teams across the company are making changes so it operates responsibly and efficiently in the current environment. This means restructuring and organizational changes are possible “as we continue to align with our revised business needs.”

As the Wall Street Journal reported on July 7, Twitter laid off 30% of its talent acquisition staff. The decision came after the microblogging site faced growing business challenges and the then-acquisition. The company said the layoffs are expected to affect less than 100 people and are limited to the talent acquisition team.

Earlier in May, Chief Executive Officer Parag Agarwal on Thursday announced a hiring freeze and other cost-cutting efforts

Twitter sues Tesla CEO Elon Musk On Tuesday, it was accused of trying to force the social media company to complete its $44 billion acquisition of “strange” and “bad faith” actions that caused irreparable damage to the platform and its stock price. But “said”.

Back in April, Musk promised to pay $54.20 per share for Twitter Inc., which agreed to those terms after reversing initial opposition to the deal. But both sides are up for a legal battle as the billionaire said on Friday he was withdrawing from his agreement to buy the company.

Twitter’s lawsuit in Delaware Chancery Court claims that “Musk refused to honor his obligations to Twitter and its shareholders because the deal he signed no longer serves his personal interests.”

Part of Musk’s reasoning for ending the deal is his allegation that Twitter breached the acquisition agreement when it fired two top managers and laid off a third of its talent-acquisition team. But in its lawsuit, Twitter disclosed communications from Musk shortly after the deal was signed, showing its concerns about “headcount and expense growth” and a desire for more aggressive cost-cutting.

Twitter said that Musk “refuses to approve or even discuss Twitter’s proposed retention programs for key employees.”

The lawsuit says, “Musk took notice in early May of a number of actions that he now complains about for the first time.”

During this, Microsoft Corp did too It announced some job cuts on 12 July as it reorganized business groups and roles after the end of its fiscal year on 30 June.

Google also plans to slow hiring for the rest of the year in the face of a possible economic downturn, chief executive officer said. Sundar Pichai Said in an email to employees.

Apart from this, other tech companies have also slowed down the recruitment or layoffs of employees.

Earlier in May, Snap Inc. and Lyft Inc. had said they would slow down the hiring. Several weeks later, Instacart Inc. said it would roll back job growth, and Tesla Inc. announced a 10% cut for its salaried employees.

Meta Platforms Inc. had also shelved its hiring plans due to concerns over economic conditions. It slashed its hiring targets for engineers by at least 30% this year and warned all employees to be prepared for a severe economic slowdown.

(with inputs from AP)

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