- Twitter Inc (NYSE:TWTR) is ditching a companywide retreat scheduled for January 2023 at Walt Disney Company (NYSE:DIS) Disneyland - 'The Happiest Place On Earth,' Bloomberg reports.
- Twitter cited cost-cutting measures to reduce corporate travel behind the move.
- The company's occasional gathering, known as 'OneTeam,' was last held in early 2020 in Houston before the pandemic forced the employees to start working remotely.
- Twitter is also amid a hiring hiatus to reduce expenses.
- Employees will likely hear from Tesla Inc (NASDAQ:TSLA) CEO Elon Musk at an all-hands meeting on June 16. Musk had agreed to take over the company for $44 billion.
- Musk has already pitched cost-cutting plans at Twitter.
- Significant companies, including Meta Platforms Inc (NASDAQ:META), Nvidia Corp (NASDAQ:NVDA), and Microsoft Corp (NASDAQ:MSFT), resorted to cost-cutting efforts, including downsizing employees amid macro uncertainties.
- Price Action: TWTR shares traded higher by 1.92% at $38.72 in the premarket on the last check Thursday.
- Image by PhotoMIX-Company from Pixabay
