Twitter Inc has cancelled a companywide retreat scheduled for January 2023 at Disneyland, saying cost-cutting measures to reduce corporate travel led the event to be scrapped.

The occasional gathering, known as OneTeam, was last held in early 2020 in Houston before the pandemic forced the San Francisco-based social media company and its employees to start working remotely.

“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 spokesman said in a statement. “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.”

Twitter previously announced a hiring pause and other efforts to reduce expenses. Employees are expected to hear Thursday at an all-hands meeting from billionaire Tesla Inc chief executive officer Elon Musk, who has reached an agreement to buy the company for US$44bil . Musk has already pitched bankers on plans for cost cutting at Twitter when the deal closes.

 - Bloomberg