Twitter has lost NINE PERCENT of its 8,200 employees since Elon Musk announced his takeover, then tried to reverse it: Many employees of the famously woke tech giant blame the mogul’s behavior for their departures
- Twitter has lost about 9% of its 8,200 employees since Elon Musk announced his takeover bid in April
- The company recently told its employees that its attrition rate – which is the employee leaving rate – was 18.3%.
- “Overall morale is so low,” one worker who quit Twitter told Insider. “But sure, people started leaving because of Elon.”
- There were signs of discontent almost immediately after a company-wide meeting was held to address takeover concerns
Twitter lost about nine percent of its 8,200 employees in the months that followed Elon Musk announced its takeover bid, as many staff members blamed the tycoon’s behavior and public statements for their departures.
Employees were told in April that their jobs were secure for six months, but the company is said to have locked down its product division over fears someone could ‘go rogue’ and push something damaging out in response to the takeover by Musk.
When the You’re here The CEO spoke to employees in June about his attempt to buy the platform for $44 billion, which he has since tried to unwind, there had already been significant rumblings of displeasure from staff and dozens had put their notice.
In late August, the company told staff that its attrition rate – which is the rate at which employees leave – was 18.3%. In general, companies prefer to keep this rate close to 10%, especially in the technology sector offering high benefits and salaries.
Twitter’s workforce stood at 7,500 in February, according to company filings, and the company hired a few hundred additional workers in the following months. However, people familiar with its hiring practices told Insider that the workforce has now shrunk by 9%.
Twitter employees have fled the company by the hundreds since Elon Musk, right, announced his takeover bid in April. Left: Parag Agrawal, CEO of Twitter
Twitter’s workforce stood at 7,500 in February, according to company filings, and the company hired a few hundred additional workers in the following months.
However, people familiar with his hiring practices said Initiated that the workforce has now shrunk by 9%.
“We’re really starting to feel it now,” a current employee told the trade publication, referring to the impact of attrition — when employees quit and aren’t replaced — on individual teams.
The person said some teams have lost up to a third of their staff.
“We’re really starting to feel it now,” a current employee told the trade publication, referring to the impact of attrition – when employees quit and aren’t replaced – on individual teams.
Employees told Insider they receive “last day” emails and memos several times a week from co-workers leaving the company.
Twitter even cited high employee turnover in its ongoing court battle with Musk as an adverse effect of the tycoon’s attempt to back out of its planned takeover.
Many workers’ restricted stock became fully vested in August, meaning they were able to cash out their shares, which further boosted revenue, the sources told Insider.
Even so, business leaders did not expect so many people to leave.
An employee told Insider that now it’s all about “filling” positions, which means replacing a departing worker as quickly as possible, whether they’ve left the company or just taken on a new role in internal.
During the town hall meeting, Musk criticized the company’s work-from-home policy, reiterated his views on allowing people to say whatever they want on the platform and said that he hoped that Twitter could reach one billion users worldwide, nearly four times its current user base.
The California-based company currently has more than 150 open positions posted on LinkedIn.
“Overall morale is so low,” a worker who recently quit Twitter told Insider. “But sure, people started leaving because of Elon.”