Twitter freezing hiring and cutting costs as execs depart

A person in a mask approaches the New York Twitter offices after they announced they will close their re-opened offices effective immediately in response to updated CDC guidelines during the outbreak of the coronavirus disease (COVID-19) in Manhattan, New York City, U.S., July 29, 2021.

The company is pausing most hiring and two executives are leaving.

The news comes as Musk tries to complete his deal to buy the company and take it private. Musk told banks that he would cut executive and board pay and push the company to lower other costs in order to raise money for the deal.

There may be some skepticism among investors that the deal will close, as shares of the social media company are trading more than $8 a share below the purchase price.

The head of consumer Kayvon Beykpour and revenue product lead Bruce Falck are leaving the company. The CEO told employees the news in an email.

Beykpour said it was not his decision to leave the social networking site. He shared the news of his departure while on leave.

After letting me know that he wants to take the team in a different direction, paragliding asked me to leave.

Falck thanked the teams he worked with on Thursday, but did not address the circumstances surrounding his departure.

Jay Sullivan will take over as general manager of the consumer team and interim general manager of the revenue team, as well as pulling back on non-labor costs.

If he gets a company, Musk says he would lift the Trump ban.