Twitter had approximately 8200 people working for them. Ever since Elon Musk made the takeover bid back in April, almost 10% of the staff left. A minor part of people left due to the world situation. However, the bigger part left on their own after receiving the news about Elon Musk’s takeover. Most of the people that left the company blame Elon Musk for reckless behavior and damaging public statements.
The attrition rate is the rate at which a company’s employees depart and seek better opportunities elsewhere. Several months after the bid, in August, Twitter‘s attrition rate was 18%. This is the highest it has ever been at Twitter. The company tended to have a rate lower than 10%, which is every company’s aspiration. The most disturbing fact is that most of the employees were from the high-salary tech sector.
800 Employees Left Twitter After Elon Musk Announced His Plans For Buying It
What this essentially means is that people are leaving Twitter and cashing out their shares before they fall even lower. For example, in two weeks in July, around 300 people left. Most of the people that left specified Musk’s antics as the reason behind their leaving.
This ‘trend’ of leaving Twitter began in June when Elon Musk had a meeting with the employees and spoke about his interest to overtake the company.
In April, Twitter told its employees that they can guarantee that their jobs are safe for a period of six months. But shortly after that updates like this were banned. Banned due to the fear that some information might leak and damage Twitter.
At the meeting, Elon Musk spoke about a potential layoff of workers with an intention to cut costs. This disturbed the employees and destabilized the company.
After all these damaging statements he’s made over the past six months, Elon Musk decided to back off from the deal and not proceed with the acquisition. The reason behind it – the excuse for the fake accounts. Musk claimed that the company misrepresented the number of fake accounts, and demanded a detailed calculation.
Now Twitter is suing the billionaire as they request him to complete the overtake of the company. The court case is to take place at the Delaware court starting in October.
In February, Twitter had around 7500 employees. According to the company, they added additional 6-700 employees in the following two months, totalling around 8200. However, ever since April, around 800 people left the company. According to Insider, the number is even higher than 10%.
Employees start to feel the shortage of staff already. Employees claim that some of the departments lost a third of their staff. Resignation and farewell emails started being an everyday thing on Twitter.
From Twitter, they listed the employees’ departure as one of the points in their lawsuit against Elon Musk. They listed this as a damaging effect by the takeover bid.
The company made the employees’ stock shares vested in August. Many were waiting for it in order to leave the company.
Back at the meeting that Musk held with the employees, he criticized Twitter for its ‘remote work’ policy. He made a goal of reaching 1 billion users in a short time and he repeated his views on censorship. Twitter has listed over 150 open working positions on LinkedIn.
