During a company-wide meeting on Friday, Twitter Chief Executive Parag Agrawal attempted to calm staff rage by providing answers to how managers planned to handle a mass exodus sparked by Elon Musk.
The discussion comes after Elon Musk, the Tesla CEO who signed a $44 billion deal to buy Twitter, publicly chastised Twitter’s content moderation processes and a top official in charge of setting speech and safety policy.
Executives claimed the company will monitor staff attrition daily, but it was too early to determine how the buyout deal with Musk would influence staff retention, according to an internal town hall meeting seen by Dailion.
According to people familiar with the subject, Musk has lobbied financiers on lowering board and executive compensation, although the exact cost cutbacks are unknown. According to one insider, Musk will not make any staff layoffs until he takes control of Twitter.
“I’m sick of hearing terms like shareholder value and fiduciary responsibility. What are your genuine feelings regarding the significant chance that many people will lose their jobs once the deal is completed? “In a question read aloud at the meeting, one Twitter employee questioned Agrawal.
Twitter has always cared for its employees, according to Agrawal, and will continue to do so.
He stated, “I hope the future Twitter organization will continue to care about its impact on the world and its customers.”
During the discussion, executives stated that the staff attrition rate has remained unchanged since the announcement of Musk’s interest in purchasing the company.
Musk has recently posted his displeasure with Twitter’s top lawyer, Vijaya Gadde, a Twitter veteran and well-known figure in Silicon Valley. Musk’s attack sparked a wave of internet hatred directed toward her.
Employees reportedly expressed concern to executives that Musk’s erratic behavior could destabilize Twitter’s business and harm the firm financially as the company prepares to confront the advertising world in New York City next week.
“Do we have a near-term strategy for dealing with advertisers removing investment?” one employee inquired.
Twitter’s chief customer officer, Sarah Personette, said the firm was attempting to engage with advertisers more regularly and reassure them that “the way we service our customers is not changing.”
After the meeting, a Twitter employee told Dailion that the executives’ statements were untrustworthy.
“The public relations talk isn’t resonating. They advised us not to leak and to do a good job, but there is no apparent incentive for employees to follow this advice “According to the employee, compensation for non-executive staffers is now capped as a result of the contract.
According to research firm Equilar, if Agrawal is fired within 12 months of a change in power at the social media giant, he will collect $42 million.
During the discussion, Agrawal advised employees to expect a change in the future under new leadership, and he admitted that the company should have done better in the past.
“Yes, we could have done things better and differently. I had the option to do things differently. That’s something I’ve been thinking about a lot lately “he stated
Twitter declined to speak further.