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Twitter attrition up, company-wide layoffs not planned

AP – Twitter is telling its employees that it’s not planning any company-wide layoffs, but there could be some restructuring and organisation changes as it heads into a legal battle over the potential sale to Elon Musk.

The San Francisco company included the communication in a filing on Wednesday with the Securities and Exchange Commission.

It also says Twitter is losing workers at a slightly higher rate than in normal economic times, but attrition is in line with current tech industry trends. The company says it will monitor turnover “to ensure that we can quickly identify any areas of concern and help mitigate where possible”.

Twitter said it had planned to offer packages to retain employees, and on June 20, it had asked Musk to agree to programmes that had been approved by the board and its compensation committee. The filing said that Musk has “not provided his consent to implement these programmes”.

The employee question-and-answer document attached to the filing says that teams across the company are making changes so it operates responsibly and efficiently in the current environment.

The Twitter splash page is seen on a digital device in San Diego. PHOTO: AP

That means restructuring and organisational changes are possible “as we continue to align with our revised business needs”.

Twitter sued Tesla CEO Elon Musk on Tuesday, trying to force him to complete his USD44 billion takeover of the social media company by accusing him of “outlandish” and “bad faith” actions that have caused the platform irreparable harm and “wreaked havoc” on its stock price.

Twitter’s lawsuit in Delaware Chancery Court asserted that “Musk refuses to honour his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests”.

Twitter said Musk “refused to approve – or even discuss – Twitter’s proposed retention programmes for key employees”.

“Musk had notice back in early May of many of the actions about which he now complains for the first time,” the lawsuit said.