Twitter began to lose more ordinary employees who leave due to a lack of understanding of the situation with the deal with Musk, increased stress, incompetent actions of the executive management and loss of faith in the development of the company.
According to ordinary employees, the stalled conflict with Musk's purchase of Twitter and the principles that management prioritizes at this moment are increasingly negatively affecting the atmosphere in the company.
Those who want to leave the company say they are morally exhausted by the media attention during the deal with Musk and rumors of an ongoing lawsuit, as no one understands its reason and what the end result of this deal will be.
Ordinary personnel are also dissatisfied with the new leadership. Employees have effectively lost respect for CEO Parag Agrawal due to the way he handles the current environment and sparingly reveals inside the company about the difficult situation with Musk.
“Most of us agree that management is doing a bad job,” an employee who had just left Twitter for another tech company told the media. Communication between management and employees since Musk expressed a desire to buy the social network and then refused was too vague, he said, and the term "fiduciary duties" has become a meme in Slack's internal channels. The phrase was used in almost every communication between executives and employees about Musk in the first weeks after the acquisition. Recently, there have been almost no messages from management about the deal and the lawsuit in the internal mailing list, except for brief letters from the company's lawyers without specifics. Combined with the sudden layoffs of many top managers since May, a hiring moratorium and layoffs, the remaining workers are feeling even more overwhelmed by the changes and baffling decisions of senior management.
“Overall morale was very low, developers started leaving en masse because of Musk,” an employee who recently left the company confirmed to the media.
A Twitter spokesperson acknowledged to the media that "attrition at the company is slightly higher than in normal macroeconomic times." But management believes it "remains in line with current industry trends."
Almost immediately after Musk decided to acquire Twitter, there was the first "exodus" of employees due to his public comments about things of cultural significance on Twitter, including diversity and the vision of freedom, inclusivity and remote work. Many did not like his reputation as an extremely demanding boss, coupled with allegations of harassment and a difficult attitude towards the staff of his companies.
“Then so many people left that the company did not have to lay off employees according to its plan,” the former employee of the social network explained. At least once a week, if not two or three times, he said, rank-and-file employees of Twitter, or Tweep as they are known within the company, announced their departure on the company's Slack channel or publicly on their social network accounts. Over the past few weeks, at least three dozen developers have left the company. Twitter has over 7,000 employees worldwide.
The company's management does not acknowledge the mass exit of employees and does not disclose how many employees have left Twitter in recent times. Twitter changed the way it categorizes reasons for layoffs over the summer, specifically "to record Tweep's exit due to Musk's acquisition attempt."
In the company's documents for such situations, new categories of dismissal are introduced: "voluntarily: with regret in anticipation of an M&A" and "voluntarily: without regret in anticipation of an M&A". Those who are listed as "regretfully" are Twitter employees who would like to stay. The “no regrets” label implies the departure of employees that the company does not mind losing. The document does not disclose how many employees who fall under one classification or another have quit.
In addition, the media reported that the situation worsened in the first days of August, as the number of exits became "absurdly high". It got to the point that team leaders even turned to all employees with a request, a plea to stay. It helped, some employees changed their minds.
A group of employees has already formed within the company who do not plan to leave the company in the near future at all. According to them, Musk's purchase of Twitter will help the company enter new markets and develop the business in the right direction.
Twitter recorded a net loss of $270 million in the second quarter of 2022 due to the crisis in advertising and Musk. The company's revenue amounted to $1.18 billion, which is 1% less than a year earlier. Previously, the company predicted its growth by 20%.Twitter explained that the decline in financial performance was due to difficulties in the advertising sector associated with the macroeconomic situation, as well as uncertainty regarding the acquisition of the company by Musk. In a press release, Twitter mentioned Musk four times and disclosed the running costs incurred by the company as a result of working out the merger deal. They amounted to $ 33 million and will continue to grow, as the company hired lawyers and sued Musk. Twitter is going to force him to buy the social network on initial terms, although the current capitalization is $30 billion, instead of the $44 billion proposed in April by Musk. Since the beginning of this year, the value of the company's shares has decreased by 8.5%.
In late April and early May, the company fired five top executives amid the ongoing Musk sale. Then the CEO of the company once again assured employees that there were no plans for global reductions in Twitter. He explained that the hiring of new employees was also crossed due to the difficult macroeconomic situation in which the company found itself.
bbabo.Net