July 14, 2022
In a filing on Wednesday, Twitter said that it is not considering company-wide layoffs. Twitter, however, said that it is in the process of restructuring the business. Twitter’s clarification follows a decision to suspend hiring and review all existing job vacancies to determine whether any “should be pulled back.”
Twitter has been in the headlines of late, largely because of a now-cancelled takeover by Elon Musk.
The filing comes a day after the company sued Elon Musk for violating his US$44 billion deal to buy the company. Twitter has asked a Delaware court in a filing to order Musk to complete the merger at the agreed $54.20 per Twitter share.
On April 14, 2022, business magnate Elon Musk offered to buy social media company Twitter for US$44 billion, having previously bought 9.1% of the company’s shares for US$2.64 billion, becoming the company’s largest shareholder.
Musk and Twitter agreed in April that if a party chose to withdraw from the deal, that party would have to pay a US$1 billion fine.
Musk, however, announced plans to pull out of the deal, a move that was rejected by Twitter. Musk’s lawyer, Mike Ringler, said the deal would be terminated because Musk did not believe Twitter had provided adequate information about how many fake spam accounts populate the platform.
The sources for this piece include an article in Reuters.
