These moves are occurring at the same time Elon Musk moves forward with his $44 billion purchase of Twitter, although he hasn't taken ownership of the company yet. Now Jay Sullivan, who we spoke to in March about Twitter's plans to add 100 million daily users, will take over as both the head of product and interim head of revenue. The first move came as consumer product leader Kayvon Beykpour announced on Twitter that current CEO Parag Agrawal "asked me to leave after letting me know that he wants to take the team in a different direction." From a report: Bruce Falck, the general manager of revenue and head of product for its business side, confirmed in a (now deleted) tweet that he was also fired by Agrawal. The broader market is way down too but that’s still ten dollars below Musk’s offer price, indicating lingering skepticism that the deal will get done.Twitter is shaking up its top leadership. ![]() Shareholders are suing Musk over the late disclosure.Ī separate lawsuit by the Orlando Police Pension Fund in Delaware Chancery Court says that Delaware law forbids a quick merger in this case because of Musk’s agreements with other big Twitter shareholders, like his financial adviser Morgan Stanley and ally and Twitter founder Dorsey, to support the buyout - making him the effective owner of more than 15% of the company. He also likely reaped significant savings on stock purchases over that period since news of his interest would have boosted the share price. Musk filed his form April 4, at least 10 days after his stake surpassed the trigger point. The rule is clear and functions as an early alert to shareholders/companies that someone has a significant stake and may challenge management. Investors must file publicly with the SEC when they buy more than 5% of a company’s shares. He had previously acquired 9.2% of the company.Īccording to a WSJ report, the SEC is probing the timing of Musk’s disclosures of his Twitter stock purchases as he built up his stake. ![]() Twitter’s board of directors accepted Musk’s $54.20 a share cash bid, about $44 billion, for the company last month after he teamed up with a handful of big investors to raise cash. Jay Sullivan is now the new GM of Bluebird, the consumer team, and interim general manager of Goldbird, the revenue team.Īgrawal, a software engineer and Twitter’s former chief technology officer, took over as CEO from Jack Dorsey last November. Parag asked me to leave after letting me know that he wants to take the team in a different direction.īruce Falck, the general manager of revenue and head of product for its business side, is also gone.Ī Twitter spokesperson said that effective this week, Twitter is also pausing most hiring and backfills, except for business critical roles, and pulling back on non-labor costs “to ensure we are being responsible and efficient.” Hiring freezes aren’t unusual ahead of a likely change in control. ![]() The truth is that this isn’t how and when I imagined leaving Twitter, and this wasn’t my decision.
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