Twitter is backing out of a previous agreement that the pre-Elon Musk regime had originally made.
The social media giant has a long history of backing venture capital firms during its days as a public company, and in recent years began shifting towards backing founders from underrepresented communities. But according to Forbes, these VCs are no longer receiving funding totalling $20 million from Musk’s Twitter.
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Forbes reported that the Twitter-backed VC heads received a note in January saying that the Twitter team previously handling their accounts no longer existed given the takeover of Musk. This tip was sent from a personal account of a former Twitter employee, and included an apology that the team could not “do better by them.”
Some VCs have been reached out to by Musk’s team, but Forbes’ sources said that Twitter does not intend to fulfill the requirements of any money still owed. Twitter is also hoping the firms facilitate finding their own buyers.
Twitter has been cutting costs in several ways since the Tesla founder took over, including mass employee layoffs, and finding more ways to monetize through its much-maligned subscription service, Twitter Blue.
Twitter responded to Forbes’ request for comment with a poop emoji, which Musk had previously mentioned is the default response of the company’s press email.
