Musk-Twitter Deal Dead, Twitter Cuts Recruitment Staff
Elon Musk terminated his proposed deal to purchase Twitter, according to a Securities and Exchange Commission filing submitted by Musk on Friday.
For Twitter’s part, the chair of the board said Friday that the company was committed to the deal, according to the Associated Press.
Twitter on Thursday laid off 30% of its talent acquisition team following an announcement earlier this year that the company would put a freeze on hiring efforts.
The decision to pause hiring came amid restructuring and cost-cutting efforts following news of the potential takeover by Musk.
Twitter is “reprioritizing the talent acquisition team, which includes recruiters,” in an effort to streamline its operations, according to the Wall Street Journal.
There was speculation that if Musk purchased Twitter, he could relocate the company’s headquarters to Texas.
San Francisco’s office market has been hit hard by a combination of layoffs and tech companies pushing toward total remote work or a hybrid model.
Office vacancy was calculated at 20.7% for the second quarter, according to a report on the segment from Transwestern — an all-time high for the asset class in San Francisco.
UPDATE, JULY 8, 6:14 P.M. ET: This story has been updated to reflect the termination of Musk's bid to buy Twitter.
