Twitter CEO Parag Agrawal Tried To Calm The Anger Of Employees At A Company Wide Meeting On Friday. Employees Asked How Managers Planned To Deal With The Expected Massive Outflow Caused By Elon Musk. The Meeting Was Held After Musk Repeatedly Criticized Twitter's Content Censorship Practices And Executives' Responsibility For Formulating Speech And Security Policies.
At The Meeting, Executives Said That The Company Would Monitor Employee Turnover Every Day, But It Was Too Early To Judge How The Acquisition With Musk Would Affect Employee Retention.
Parag Agrawal, CEO Of Twitter
According To People Familiar With The Matter, Musk Has Proposed To Lenders To Reduce The Remuneration Of The Board Of Directors And Senior Executives, But The Specific Cost Reduction Is Still Unclear. A Source Said Musk Would Not Make A Layoff Decision Until He Gained Ownership Of Twitter.
"I'm Tired Of Hearing About Shareholder Value And Fiduciary Responsibility. What's Your Honest Opinion About The High Possibility That Many Employees May Not Work After The Transaction Is Completed?" A Twitter Employee Read A Question Aloud During The Meeting And Asked Agrawal.
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Agrawal Replied That Twitter Has Always Cared About Its Employees And Will Continue To Do So.
"I Believe That The Future Twitter Organization Will Continue To Be Concerned About Its Impact On The World And Its Customers," He Said.
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Elonmusk Provided $44 Billion To Twitter
Executives Said During The Meeting That The Employee Turnover Rate Had Not Changed Compared With The Level Before The News Of Musk's Intention To Buy The Company Came Out.
In Recent Days, Musk Criticized Twitter's Chief Lawyer Vijaya Gard On Twitter. He Is A Veteran Of Twitter And Widely Respected In Silicon Valley. Musk's Attack Triggered A Series Of Online Harassment Against Her.
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Employees Also Told Executives They Were Worried That Musk's Eccentric Behavior Could Damage Twitter's Business And Damage Its Finances As The Company Prepared To Address The Advertising Industry In A Speech In New York City Next Week.
One Employee Asked, "have We Formulated A Strategy On How To Deal With The Investment Driven By Advertisers In The Short Term?"
Sarah Personette, Twitter's Chief Account Officer, Said The Company Was Trying To Communicate Frequently With Advertisers And Assured Them That "the Way We Serve Our Customers Has Not Changed".
After The Meeting, A Twitter Employee Told Reuters That Few People Believed What Executives Had To Say.
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"The PR Speech Didn't Come To Fruition. They Told Us Not To Leak Secrets And Do What You're Proud Of, But They Didn't Explicitly Motivate Employees To Do So," The Employee Told Reuters, Noting That Compensation For Non-executives Is Now Limited By The Deal.
According To Equilar, A Research Firm, Agrawal Would Receive An Estimated $42 Million If He Were Fired Within 12 Months Of The Change In Control Of The Social Media Company.
During The Meeting, Agrawal Urged Employees To Look Forward To Changes In The Future Under The New Leadership And Acknowledged That The Company Could Have Performed Better Over The Years.
"Yes, We Could Have Done Things Differently And Done Better. I Could Have Done Things Differently. I Thought A Lot," He Said.
Twitter Declined To Comment Further.