Cost-cutting measures have led to the cancellation of a companywide trip to Disneyland in January of 2023. The news was reported bybloomberg.
"We've made the difficult decision to not move forward with our One Team gathering in 2023, and are limiting domestic and international business travel for business-critical purposes only," a spokesman wrote in an email. The gathering was held in Houston in the early 2020s.
The reduction of travel and event costs allows us to operate in a more responsible and efficient manner.
The employee trip was canceled due to a downturn in the tech industry.
An all-hands meeting with Musk, who has launched a $44 billion acquisition bid for the company, came ahead of that. According to reports, Musk wants to cut staff, cut executive and board pay, and monetize the site.
Last month, most of its hiring was stopped. In a memo to employees, the CEO said the company would be limiting travel and consulting expenses.
Over 7,000 people are employed by the social networking site.
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