Twitter Inc employees are really having a hard time with so much going on in the firm such as stock falling, user growth slowing, no permanent CEO along with daily suggestions from one or the experts over what can be done to make things better. All this is lowering the employees morale, which could block the firm’s effort to get back on the growth track, says a report from Business Insider.
Morale down for Twitter employees
“The wheels are off the bus,” one insider told BI. The insider compared situation to rats leaving a drowning ship. “Morale is beyond low,” the person said, “so many people who I would have never guessed, now want to leave.”
The insider stressed that the internal turmoil, external pressure and the brain drain is making the work life hard for the employees. Another person close to the firm, said “People are getting fed up with the unknown, the uncertainty.”
Another reason frustrating the employees is the fact that their department has seen three to five managers in a couple years at Twitter.
Employees are fearful as they are not sure where the firm is heading, and are also concerned that their leaders don’t have much idea either. “You know what – I’m not going to burn another year of my life here because I don’t know which direction the company is going,” one source said, expressing the feelings of the employees.
Stock at all-time low
Amid all this turmoil, Twitter stock dropped to a new all-time low on Thursday as investors continue to flee owing to the growth concerns. The stock closed down 3% to $27.54, and traded near $27.23, which is very near to its IPO price of $26, hit in November 2013. The price is very low, when compared to first day close of $44.90 and an all-time record high of $73.71, which was hit on December 2013.
The primary reason for the decline is comments from the firm’s leaders. During the earnings call they said it would take “considerable” time for the firm to regain the user growth momentum. Another point troubling investors is that the firm is unable to find a new CEO. After Dick Costolo stepped down from the post, co-founder and the company’s chairman Jack Dorsey has been running the firm on an interim basis.
For the last quarter, Twitter reported 304m core users, which was almost unchanged from the Q1’s 302m. Dorsey called the numbers “unacceptable.”