Hundreds of Twitter employees who left the company in recent months ahead of Elon Musk’s anticipated takeover of the social media site have been scooped up by tech giants like Google and Meta, according to a report.
An analysis of LinkedIn data by the research firm Punks & Pinstripes found that around 530 workers have quit Twitter in the past 90 days — a 60% increase compared to the number of employees who left the company in the previous quarter.
Greg Larkin and Elizabeth Gafford of Punks & Pinstripes analyzed LinkedIn accounts to see which employees have decamped from Twitter and where they end up, according to Insider.
The data showed that 30% of the workers who left Twitter in the last three months have been hired by Google or Meta. Dozens of others have joined blue-chip tech companies such as Pinterest, LinkedIn, TikTok, and Snap.
Earlier this year, Google and Meta both announced hiring freezes, though it is unclear if the companies made exceptions for more experienced tech workers from Twitter.
Last month, Google CEO Sundar Pichai hinted that the company would lay off employees due to fierce economic headwinds that have eaten into profits in the technology sector.
The Post has sought comment from Twitter, Google, and Meta.
Twitter employees who have dreaded the prospect of Musk buying the site outright from the company’s shareholders see the writing on the wall — particularly in the wake of a recent report indicating that the mogul planned mass layoffs once he took control of the site.
Last week, The Washington Post reported that Musk told investors he planned to trim the company workforce by 75% — resulting in planned layoffs of more than 5,000 employees.
The news agency Reuters cited “a person familiar with the matter” as saying that Musk pledged to investors that he plans on closing the $44 billion acquisition by Friday.
Equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others have received the requisite paperwork for the financing commitment from Musk’s lawyers, the source added.
In the last month, Twitter’s stock price has soared by more than 27% as it became apparent that Musk, who has pledged to institute reforms and loosen content moderation restrictions at the site, would follow through with the acquisition.
In late January, Musk, the world’s richest man by dint of his controlling stake in electric car maker Tesla, began buying up shares of Twitter until he amassed a 5% stake in the company by the early spring.
In April, Musk spurns an offer to join the company’s board of directors and announces his intent to buy the company outright. The two sides reach an agreement whereby Musk would purchase the company for $54.20 a share and take it private.
But Musk had a change of heart over the summer and sought to cancel the deal — prompting Twitter to file a lawsuit in Delaware Court of Chancery.
With few legal options to wriggle out of the deal, Musk said he will, indeed, buy the company and complete the acquisition.