Twitter has sacked two top managers and halted hiring as part of an efficiency drive ahead of its planned $44bn (£36bn) takeover of Elon Musk.
The social media platform confirmed the departures of general manager Kayvon Beykpour and chief revenue and product officer Bruce Falck and said it now only planned to recruit for business-critical roles.
He added: “We are reducing non-labor costs to make sure we are responsible and efficient.”
Both men confirmed that they received the push from TwitterThe CEO of Parag Agrawal.
“Parag asked me to leave after letting me know he wants to take the team in a different direction,” Beykpour tweeted, adding that he was still on paternity leave on Twitter.
In a memo sent to employees and confirmed by Twitter, Agrawal said the company had missed growth and revenue milestones after the company began investing “aggressively” to expand its user base and revenue.
“We need to continue to be intentional with our teams, hiring and costs,” he wrote.
It is widely believed that Mr. Agrawal’s own position will be seriously threatened should a Musk-led takeover complete
The shares fell 3% on Thursday, taking them $10 below Elon Musk’s offer price of $54 a share.
The billionaire, who is the world’s richest man on paper, has been working hard to secure additional funding for the planned deal since it was announced last month.
The goal is to reduce its reliance on Tesla stock to meet the agreed price.
High-profile investors said to be ready to provide funding of more than $7 billion include Oracle co-founder Larry Ellison, while Saudi Arabia’s Prince Alwaleed bin Talal is believed to be willing to turn his investment. existing on Twitter in buying Musk.
Musk has repeatedly stated how he wants Twitter to become a platform for free speech, to reduce its reliance on advertising and deal with the proliferation of spam-distributing bots.