Inside Twitter, employees told me today, there’s a mood of exhaustion. Rank-and-file staffers have little to no faith in the board, or in CEO Parag Agrawal, whose moves yesterday to fire the company’s highly respected heads of product and revenue look even more erratic.Casey Newton reporting
The wrong guys got fired. Instead of an overmatched CEO, Parag Agarwal, Kayvon Beykpour (product lead), and Bruce Falck (revenue lead) got shown the door because CEO wanted to take the company in a new direction. I would have shown the big honcho the door. But again, the board is quite feckless. (Read: Musk or not, Twitter CEO has to go.)
Except for the CEO, no one in the company believes that firing these two executives was a good decision. Kayvon, who co-founded Periscope, was well regarded in the company and helped wrangle a good product strategy for the company. The palace intrigue is coming at a time when Elon Musk is once again turning Twitter into his pet pinata. What many see as waffling or wobbling is just a technique to get a better deal for Twitter.
The market meltdown has made Twitter less valuable.
In a research note about Twitter, Hinderberg Research which is short Twitter stock pointed out that Nasdaq is down about “~17.6%, implying a Twitter price of ~$31.40 per share without a deal.”