Twitter (TWTR.N) Chief Executive Parag Agarwal sought to calm employee anger during Friday’s company-wide meeting, where employees demanded answers about how managers would handle an expected mass exodus triggered by Elon Musk.
This meeting is after Musk (TSLA.O ) chief executive, who closed a $44 Billion deal to purchase the social media company. He has repeatedly criticized Twitter’s content moderation practices, and the top executive responsible for setting speech- and safety policies.
Reuters heard executives at the internal town hall meeting. They said that the company would monitor employee attrition every day, but that it was too early to know how Musk’s buyout deal would impact staff retention.
According to sources familiar with the matter, Musk has presented lenders about reducing executive and board salaries. However, exact cost reductions remain unknown. According to one source, Musk will not take decisions about job cuts until he takes over Twitter.
“I am tired of hearing about fiduciary duty and shareholder value. What are your thoughts on the high probability that many employees won’t have jobs once the deal closes? One Twitter employee asked Agrawal a question during the meeting.
Agrawal replied that Twitter cares about its employees since the beginning and will continue to do so.
He stated that he believes the future Twitter company will continue to care about its impact and customers.
The meeting was attended by executives who stated that the attrition rate for employees has not changed since the time Musk expressed interest in purchasing the company.
Musk has been criticizing Vijaya Gadde (Twitter’s top lawyer), in recent tweets. Gadde is an experienced Twitter user and well-respected throughout Silicon Valley. Musk’s attack on Gadde triggered an outpouring of harassment online.
Executives were also informed by employees that they fear Musk’s unpredictable behavior could cause financial instability for Twitter. The company is preparing to address the advertising industry next week in New York City.
One employee asked, “Does the company have a strategy for managing investors who are interested in advertising?”
Chief customer officer at Twitter, Sarah Personette, stated that the company is working to communicate regularly with advertisers and assure them “the manner in which we serve our customers isn’t changing.”
A Twitter employee stated to Reuters that there was not much trust in the statements of executives after the meeting.
“The PR talk is not landing. The employees were told to not leak and do a job that you are proud of. However, there was no incentive for them to do so,” one employee said to Reuters. He also noted that the deal has capped non-executive staffer’s compensation.
Equilar estimates that Agrawal would receive $42 Million if he was terminated within 12 months of a change of control at the social media firm.
Agrawal encouraged staff to look forward to changing under new leadership and acknowledged that the company had done better over the years.
