Twitter employees have been really worried about their future, what with Elon Musk, CEO, Tesla, first announcing his intention to take over, his keenness to cut costs and headcount, and his clear disapproval of remote work. Now, uncertainty has only increased further with Musk backing out of the deal, and Twitter suing him for violating the acquisition deal. Twitter Inc. has been facing higher attrition ever since the deal was announced.
However, the social media company, in a filing on 13 July, 2022 has said that while it is not planning any company-wide layoffs, it does intend to continue the exercise of restructuring its business.
Twitter has sued Musk for withdrawing from the acquisition deal worth $44 billion. The social-media firm has approached the court demanding that Musk be ordered to go through with the merger as per the agreed upon conditions.
After all, Twitter operations have been disrupted ever since the deal was announced and employees have been undergoing a lot of mental tension, given the vast difference in the style and nature of functioning of Tesla and Twitter. Not surprisingly, attrition at Twitter has been on the rise ever since Musk announced his intentions to take over Twitter. All stakeholders have been apprehensive and shares have fallen too.
Musk maintains that he withdrew from the deal because Twitter Inc. failed to fulfil his request for information pertaining to fake accounts on the social-media platform.
Twitter, on the other hand, accuses Musk of discreetly collecting Twitter stocks and not disclosing the details to regulators.
Parag Agrawal, CEO, Twitter, has reassured employees that things will work out in their favour.