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Twitter CEO fires two top executives, freezes hiring

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Re: Twitter CEO fires two top executives, freezes hiring

#111

Post by boringg »

paxys wrote: post #42
encoderer wrote: post #29

Earlier quoted context omitted.

He’s being paid millions to keep his hand on the wheel and not be distracted by a deal that may never close.

That's my point though. The board accepted the buyout offer. "Hands on the wheel" means keeping the lights on and making sure everything stays stable until the deal closes. Firing the company's product and revenue leads is the opposite of that.

Board may have accepted the terms but the valuation of twitter has since tanked as have the equity markets as a whole. As have musks fortunes from an equity perspective so unless all the numbers recalibrate to everyones liking deal is dead imho. The world outlook has changed since this was getting hashed out.

Re: Twitter CEO fires two top executives, freezes hiring

#112

Post by pdq »

Is he the one who gave final approval of the anonymous login-wall, which pops up after 2 screens of scrolling in Twitter?

If so, good riddance, as that is an incredibly hostile user pattern.

BTW, maybe it's purely coincidence, but after refreshing my browser cache it seems to have gone away today.

Re: Twitter CEO fires two top executives, freezes hiring

#113

Post by rabite »

Traster wrote: post #84

So there's two options right - the first is that Parag is for some reason making big strategic decisions about the direction of the company despite the fact that we all know he'll be gone if the deal closes. Or he's making big strategic changes at the behest of the acquirers before the deal closes. Neither of these things seem particularly kosher moves to make. The question is how to figure out which one it is. It wo…

No post body was provided.

Re: Twitter CEO fires two top executives, freezes hiring

#114

Post by glerk »

cloudwalking wrote: post #60

A lot of assumptions here that Parag is out after Elon takes over. Is that backed up by evidence?

I may be wrong, but I assume that once Twitter becomes a private company there will be no more board and Elon will be the CEO. Parag may stay at the company in a different role.

Re: Twitter CEO fires two top executives, freezes hiring

#115

Post by pastaguy1 »

runjake wrote: post #63
nullc wrote: post #49

Earlier quoted context omitted.

> firing someone on paternity leave is terrible If he was paid through it, which I would assume-- any kind of senior dismissal will come with months of severance, what would the problem be?

> what would the problem be? Well, for one: PR at a critical time, obviously. And, general employee morale.

The problem is, if they decided they wanted to move on, when would it be "appropriate" "PR-wise"? After he comes back? A few weeks after? They all seem like bad options.

Re: Twitter CEO fires two top executives, freezes hiring

#116

Post by tw8345 »

SatvikBeri wrote: post #101
paxys wrote: post #42

Earlier quoted context omitted.

That's my point though. The board accepted the buyout offer. "Hands on the wheel" means keeping the lights on and making sure everything stays stable until the deal closes. Firing the company's product and revenue leads is the opposite of that.

The fact that the stock price is roughly halfway between the pre-Musk price and Musk's bid suggests the market expects roughly a 50% chance the deal will actually go through.

its probably higher than that. Imagine what it would be if it had crashed along with everything else in the market. If the deal breaks the stock is probably worth 25-30$

Re: Twitter CEO fires two top executives, freezes hiring

#117

Post by boringg »

ckastner wrote: post #72
paxys wrote: post #42

Earlier quoted context omitted.

That's my point though. The board accepted the buyout offer. "Hands on the wheel" means keeping the lights on and making sure everything stays stable until the deal closes. Firing the company's product and revenue leads is the opposite of that.

You're assuming that the deal will definitely close. The deal can still fall apart for a number of reasons. The risk of this happening is far from remote. This is evident from the current stock price of about $46, which is significantly lower than the $54.20 Musk is offering.

Only reason twitter hasn't tanked is people holding on hoping this deal goes through otherwise it would have dropped significantly with the rest of the tech index. My point is that its market cap is artificially overvalued currently on hopes that elon buys at 54$ (which i doubt he will)

Re: Twitter CEO fires two top executives, freezes hiring

#118

Post by 1290cc »

5bolts wrote: post #90

If he's fired now the current board can offer him a severance package that may not be on the table once Elon takes over. Might be a good thing, or strategic?

This is the correct answer, Elon will not be as generous when cutting numbers.

I'll never forget letting go of staff in France and Italy. The employees were overjoyed we were letting them go and got into fights over who would be taking the packages. I learned that they received 1 year of salary upfront tax free with a bunch of additional benefits to help with job training and placement.

An average middle manager friend has had this happen 3 times, each time after a US acquisition. He now has a chateau in the south of france and is very happy with himself.

Re: Twitter CEO fires two top executives, freezes hiring

#119

Post by minhazm »

ramesh31 wrote: post #33

Must have been bad blood if he wasn't even given the opportunity to resign and save face. I can't even imagine the vipers nest of toxicity that building must be at this point.

> Parag asked me to leave after letting me know that he wants to take the team in a different direction.

I interpreted that as he was asked to resign. Which in practice most people consider the same as getting fired. At this level it's rare for someone to actually get terminated though, you would have to do something illegal or highly inappropriate. It's almost always that you're asked to resign and you get a generous severance package to go with it.

Re: Twitter CEO fires two top executives, freezes hiring

#120

Post by jerf »

lastofthemojito wrote: post #92
paxys wrote: post #42

Earlier quoted context omitted.

That's my point though. The board accepted the buyout offer. "Hands on the wheel" means keeping the lights on and making sure everything stays stable until the deal closes. Firing the company's product and revenue leads is the opposite of that.

Could just be that Kayvon Beykpour got replaced by someone better at the job? Baseball fans know of Wally Pipp, who was a solid first baseman for the Yankees for a decade or so. One day Pipp had a headache and was replaced in the lineup by a young Lou Gehrig, who turned out to be one of the greatest hitters in baseball history. I have no idea if Jay Sullivan is a Lou Gehrig talent, but he's been doing the job while B…

"If you're the CEO of Twitter and you believe the temp guy is doing a better job, why not make the change?"

Well, it's a big lawsuit, for one thing. Firing someone on paternity leave is not a great plan in the US.

At this level, a company may just accept that as a cost of doing business. But this is at least an answer to your question.

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