Twitter Losing More Employees Amidst Challenges

It’s interesting times at Twitter, which is facing a looming court battle with Tesla CEO Elon Musk over a potential acquisition. In fact, it might be too interesting for some employees—according to a new report in Business Insider, they’re fleeing the company in droves.

Business Insider estimates that Twitter has suffered a net loss of nine percent of its staff. “Attrition has been so high that Twitter cited it in court proceedings as one of the damaging effects of Musk’s attempt to back out of the deal,” the publication noted. “It increased even more sharply since early August, when many workers’ restricted stock units fully vested, meaning they could cash out their shares.”

Like many tech companies, Twitter went on a hiring binge at the beginning of 2022, with its workforce totaling roughly 8,200 employees by mid-year. But faced with rising economic uncertainty (and a healthy amount of internal drama), executives then instituted a hiring slowdown (it wasn’t alone in that maneuver: at roughly the same time, UberMeta, Google, and Apple all announced temporary pauses in recruiting and onboarding).

In a May memo to employees, Twitter CEO Parag Agrawal hinted at the need to become more efficient. “At the beginning of the pandemic in 2020, the decision was made to invest aggressively to deliver big growth in audience and revenue, and as a company we did not hit intermediate milestones that enable confidence in these goals,” he wrote. “In order to responsibly manage the organization as we sharpen our roadmaps and our work, we need to continue to be intentional about our teams, hiring and costs.”

Will a mass departure of employees force the company to hire technologists in significant numbers, simply to keep things running? Time will tell. In the meantime, Twitter faces significant marketplace challenges—and a big court battle with Elon Musk, who seems intent on reversing his plans to acquire the company.

The unemployment rate for tech occupations crept up to 2.3 percent in August, according to a new analysis of data from the U.S. Bureau of Labor Statistics (BLS). Although some tech companies are facing turbulence, organizations across multiple industries are hungry to hire technologists for a variety of roles, from building websites to managing and securing networks. Given their skills, those technologists leaving Twitter likely have their pick of new roles.

One Response to “Twitter Losing More Employees Amidst Challenges”

  1. tim zickafoos

    With instagram and tictok increasing, and the very unstable Musk who is well known to blow ‘millions’ quarterly of his companies often on vain pet projects … Twitter will not only continue it’s decline, and a halving of overall staff, managers and programs; but….

    Expect by Q2 2023 that Elon will simply ‘lose’ over 10 billion in twitter value, and be selling Tesla shares to pay some debt while Twitter becomes his ‘kitchen sink drain on revenue’.

    …. this foolishness and lack of ‘wisdom’ as to choosing investments in such platforms, reflected from Elon’s lack of sound due-diligence before ‘blowing his voice’…. means a very potential ‘utter loss’ to Elon which he will never recover from in ALL his businesses overall.

    … The DOOM of Tesla, for instance, who boasted 14% per car profit, but in truth ‘lost’ over 100M in Q2-2022 (if you take away Environmental and Bitcoin sales)… reflects a company out of sound financial and operational management for all elements.

    FUTURES: Tesla will go below 130 per share, Twitter and other pet projects willl so bleed Elon to death personally and corporately.. while loyalist buyers flee Tesla for ‘more stable E-vehical makers’.

    Tesla will ‘slash’ prices by SEpt 2023 to try to regain lost market share, but will continue decline while legacy and other makers gain share and traction in the marketplace.

    .. Financials: Elon will see overall ‘wealth decline’ of well over 18 billion by EOY 2023.
    TESLA: will try ‘PR’ to make further empty promises as to Cyber, Roadster and refreshes but will not deliver, and will see a 5% per unit ‘best hoped profit’ while the operation will go for loans acquiring debt while NOT succeeding in leaning the internal expenditures-bleeding.
    For shareholders who have only partly ‘escaped’ the Elon rollercoster of share value, the remaining positions will continue gross notable decline in value-return.
    … only 2 ‘key major players’ will quietly buy Tesla shares with intent to ‘see Elon sell out’ part or all of Tesla by est. 2025-26 timeframe. The Tesla brand is tarnished now, and buyers and investors know it. Twitter ‘crazy behavior’ by Elon will doom this brand, and once bought out, will be scrapped wholesale where in 2050 people will wonder in history.. uh, what was tesla.

    WHY Tesla will fail..and what seeds of destruction:
    1. 2019 into 2020; Elon and co-founder made the tragic choice to intentionaly have engineer-designers of components design ‘much shorter life expectancy’ for Tesla vehicles. (in part, this was a high level compromise)
    2. 2020 into late 2021; Elon ‘pushed out his very finest Project Managers of Cyber, Semi, etc… who went to other makers due to a ‘turn from sustainable to fast buck profits’ mentality of Elon and gang… and instilled ‘fast high money rolling Execs who would agree with every crazy opinion Elon obtusely makes. These execs make ‘glory promises constantly never delivered Q-Q for the 2 new manuf. sites (example; G-Berlin said he’d be over 5K/wk back in Feb 2022, and has just barely reached near 3k/w this last Oct week). TOTAL agreement with Elon means ‘100s of millions’ of Tesla profits constantly are wasted in pet projects, tearing out new equipment and new structures less than 5 months old for ‘new whim’ replacements, and so on
    3. Elon’s siding with Communist leaders in China regarding Taiwan, telling the free people of Taiwan to give up most of their rights and freedoms;.. to gain favor for a ‘slight increase in internal CHina sales of Tesla vehicles… AND, his both suggesting Ukraine people give up their homes and lands to Putin for ‘fake short term peace’…. are coupled with another shocking truth…
    4. Dishonesty, or outright lies by Elon continue to ‘rise’. Promises of Cyber, for one were made 3 years ago and have zero ‘material indications’ in Austin to be ready by Q3 2023. (due to the elon push out of Cyber’s best project manager last year)….
    … GOUGING buyers with 20 price hikes, where 60% of those purchase price increases went for ‘Qtrly profits’ and literally over 1.2 billion in ‘elon pet project wastes’ over the last 7 quarters. Buyers are both increasingly ‘canceling’ future orders, or ‘shopping elsewhere’ instead of reserving a Tesla vehicle.. thus the ‘waiting list’ not only is shrinking .. but the pace is notably ‘increasing’ at a rapid pace.
    …. Destroying Tesla share value by over 4 ‘events Elon made’ himself, has seen an exit of ‘long term institutional investor groups’ in the prior 3 quarters, and this continues for those with ‘a limited exposure via Tesla share holdings’.
    …. Q2 2022 report was such a ‘tricking the Street’ by Elon… of a company who lied about a 14% profit per model sold, when in fact it lost over 100M for the quarter (taking away sales of bitcoin shares and environmental credits). only a FEW had the sound accounting viewpoints and balls to ‘call Elon out’ in various outlets as to this GROSS indication of financial irresponsibility of Tesla operations. Given that the 2 new factories are over 80% ‘complete’ for model y active production and ramps.
    … Another indication of a personal ‘lack of personal integrity’ came recently where Elon wrote the Pentagon ordering they pay SpaceX over 100,000,000 USD for the 20,000 units provided to Ukraine. Meaning, he’s charging the US taxpayer $5,000 per unit, which are sold on the market for approx $500 per unit.
    … elon is increasingly siding with ‘authoritarian dictator states’ like PRC and Russia for ‘personal favors and income sources direct and indirectly.
    … the worst lie, reflecting the over 18 ‘recalls’ circa 2020 into early 2020, due to ‘ordering low life expectancy’ of Vehicle components.. reflects ‘failure of reliability’ and a futher eroding of buyer trust and decline in blind-followers.
    ..

    in short, lack of personal honesty .. to shareholders, workers and women (over 18 lawsuits and settlements), honesty in per-unit ‘true’ profit and Quarterly reports, and a ‘just another cheap overpriced vehicle design choices’ of 2021.. couple with a disloyalty to investors, workers/managers and buyers combined.

    Twitter will simply be the ’10s of billions’ downfall of Elon and… Tesla. sad