Elon Musk has a new technology platform that he can manage. On Monday, the founder of Tesla, SpaceX, Neuralink, and The Boring Company offered $44 billion to take Twitter private. SOPA Images/Contributor/Getty Images
- Twitter claimed that it “significantly” reduced hiring in the second quarter of the year to reduce expenses.
- The company also scheduled the date for a vote on Elon Musk’s acquisition and asked shareholders to vote in favor of the deal.
Twitter stated that it “significantly” reduced hiring in the second quarter of this year to reduce costs , as the company is facing an legal dispute in court with billionaire Elon Musk about whether or not the Tesla CEO would buy Twitter at a price of $44 billion as per an application filed on Tuesday with the SEC.
The company that owns social media claimed that it has been confronted with an increase in rate of attrition rate, which means that employees quit at a rapid rate because of uncertainty over the potential takeover offer by Musk.
Twitter is currently involved in an ongoing legal dispute with Musk who had initially signed a deal to buy it for $44 billion back in April, only to try to end the deal more than two months afterward. The company has filed a lawsuit against Musk for trying to pull from the deal, and the two sides will be in court in Delaware judge later in Oct..
Twitter has officially scheduled a shareholder vote on the Musk buyout on the 13th of September. In a statement the board of Twitter’s board has asked shareholders to support the deal.
Twitter’s hiring practices were a point of contention between the company and Musk, whose lawyers cited a recent announcement that the company was instituting a hiring freezes and rescinding letters of offer to work as a reason for ending the agreement. But, Twitter says it negotiated the right to employ and dismiss employees in its contract with Musk.
