At least 5 senior executives fled Twitter as its stock fell another 18% a week, rendering Musk bid even more expensive
Twitter dumps both stocks and executives as Elon Musk takeover drama continues to rock the company.
Musk may be seriously contemplating stepping down from his $44 billion Twitter acquisition deal, but some of the company's bosses are done with the drama.
Three company executives, including two vice presidents, left Twitter this week, Bloomberg reported on Tuesday. A Twitter spokeswoman confirmed their departures to Bloomberg; They reportedly left the company of their own volition.
Last week, CEO Parag Agrawal announced in an email to employees that two senior company executives in the consumer goods and revenue divisions were leaving the company. Both employees later said on their Twitter accounts that they had been fired. Twitter shares are down about 18% in the last five days as the executive departures were announced.
Musk said a lower offer for the company was "not out of the question" and that he could renegotiate the acquisition price. Speculation that he might pull out of the deal has already erased most of the gains since Twitter's stock began rising last month, and a gap between the company's current value and Musk's original proposal is widening, with his Comments on the renegotiation increase proportionately.
Musk's now-contracted Twitter bid was worth $54.20 per share. On Wednesday, Twitter shares were worth $36.85.
Executive departures come amid a wave of hiring freezes and rescinded job offers as Twitter reassesses its labor costs. In his letter to employees last week, Agrawal said the company is not on track to meet revenue and user growth goals set last year, including doubling revenue and 315 million "monetizable daily active users" by the end of 2023.
The CEO assured employees that Twitter was not planning any company-wide layoffs.
Twitter is also cutting costs for its marketing department, contractors and consultants, travel and events, and its real estate expenses, among "other operational costs," Agrawal wrote.
Confusion surrounding Twitter's management and uncertainty over what Elon Musk will actually do if or if he ever completes his takeover bid has got the company's shares rolling in recent days, with Twitter up 20% from last week. has fallen.
Musk has done little to rectify the company's fickle management situation. The would-be Twitter owner has repeatedly used the platform to criticize executives, drawing strong backlash from current Twitter employees.
Last week, Musk further confused Twitter management when he announced that the acquisition deal was "on hold" pending further information from Agrawal on how many bot accounts the social media site actually has , and claimed that the company could be significantly underestimating the number of spam or fake profiles proliferating the platform.
Twitter officials have said that Musk is treating the company "like a dog playing with a toy," and many have expressed concern about how the potential owner's actions are beginning to depress the company's value before the takeover bid even occurs is completed.
This story was originally featured on Fortune.com
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