Twitter has canceled a companywide retreat to Disneyland in a cost-cutting measure because it grapples with C-suite chaos and a worsening economy amid buyout talks with Elon Musk.
The social media firm was set to fly out its employees to the California theme park in a company event slated for January 2023. The cancellation was confirmed hours before Musk was set to debate his stalled takeover bid during what is anticipated to be a contentious all-hands meeting with Twitter staffers.
“We’ve made the difficult decision to not move forward with our OneTeam gathering in 2023, and are limiting domestic and international business travel for business-critical purposes only,” a Twitter spokesperson said in a press release to The Post on Thursday.
“The reduction of travel and event costs allow us to operate in a more responsible and efficient manner, considering the worldwide macroeconomic environment we’re currently facing,” the spokesperson added.
Twitter last held its “OneTeam” corporate retreat in early 2020, shortly before the onset of the COVID-19 pandemic, based on Bloomberg. The last trip took place in Houston, Texas.
Twitter was set to carry a company retreat in Disneyland in January 2023.GC Images
Musk is anticipated to verify his interest in buying Twitter throughout the hour-long all-hands meeting. The Tesla CEO can also be expected to face tough questions from staffers regarding his potential plans for Twitter – including the opportunity of layoffs, the corporate’s distant work policy and concerns about his public criticism of its content moderation policies.
Twitter has sought to maintain its costs low during negotiations with Musk, who has expressed concern about advancing his $44 billion deal to purchase the corporate as a result of concerns concerning the variety of spam bots inside its user base. Company have also cited economic difficulties related to the Russia-Ukraine war and decades-high inflation.
Meanwhile, Musk reportedly told bankers he could cut costs by shedding some employees and slashing executive pay during his effort to lift financing for the deal.
In May, CEO Parag Agrawal informed employees in a memo that Twitter would freeze latest hiring and cut down on discretionary spending. The highest boss said the move was needed because Twitter was failing wanting its internal targets for audience and revenue growth.
As The Post and other outlets reported last month, Twitter has also rescinded an unspecified variety of job offers to latest hires – leading one scorned employee to declare his “whole world just got destroyed in 25 seconds” when his deal was pulled.
Elon Musk has an agreement to purchase Twitter for $44 billion.Getty Images
A Twitter spokesperson cited tough macroeconomic conditions and said the corporate was reviewing all recently prolonged job offers to find out whether or not they were operationally critical.
Twitter recently sought to assuage Musk’s concerns about spam bots by offering his team full access to its so-called data “firehose,” which incorporates every tweet posted on the platform, to conduct an evaluation of its users.