• Twitter has canceled a companywide trip to Disneyland that was planned for January 2023.

• Twitter's CEO told staff last month it was limiting travel and consulting expenditures.

• Twitter's move comes amid a tech industry downturn and ahead of an all-hands meeting with Elon Musk.

Twitter has canceled a companywide trip to Disneyland planned for January 2023 due to cost-cutting measures, the company confirmed to Insider. Bloomberg first reported the news.

"We've made the difficult decision to not move forward with our OneTeam gathering in 2023, and are limiting domestic and international business travel for business-critical purposes only," a Twitter spokesperson wrote in an email to Insider. The gathering was last held in early 2020 in Houston for all global employees.

"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," said the spokesperson.

Twitter's cancelation of the employee trip comes amid a downturn in the tech industry as companies slow hiring and lay off staff.

Twitter's move also came ahead of an all-hands meeting on Thursday with Elon Musk, who has launched a $44 billion acquisition bid for the company. Musk has reportedly suggested cutting staff, monetizing tweets, and cutting executive and board pay to boost Twitter's bottom line.

Twitter froze most of its hiring last month. CEO Parag Agrawal told employees in a memo that the company would be rescinding some job offers and was limiting travel and consulting expenses.

Twitter employs over 7,000 people globally.

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