• Company says cuts in corporate travel expense led to cancelation
Twitter Inc (NYSE: TWTR) has canceled a companywide trip to Disneyland scheduled for January 2023, citing cost-cutting measures.
“We’ve made the difficult decision to not move forward with our OneTeam annual gathering in 2023 and are limiting domestic and international business travel for business-critical purposes only,” a spokesperson at Twitter told Bloomberg in a statement.
The occasional gathering, known as OneTeam, was last held in early 2020 in Houston before the COVID-19-induced pandemic forced the employees of the San Francisco-based social media company to start working remotely.
“The reduction of travel and event costs allow us to operate in a more responsible and efficient manner, considering the global macroeconomic environment we’re currently facing.”
The news of reducing corporate travel came before Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, who proposed to buy Twitter, held a video conference with the employees of the social media company for the first time on Thursday.
Musk said that Twitter would need “some rationalization of headcount and expenses.”
“Right now, the costs exceed the revenue,” he said, adding, “anyone who’s... a significant contributor should have nothing to worry about.”
Twitter in May announced a hiring pause and other efforts to reduce expenses.
Picture Credit: Metro
ALSO READ: