A recent report claimed that Elon Musk proposed job cuts for Twitter during a call with teams of bankers. The billionaire mentioned costs and job cuts as his solution to increasing Twitter’s efficiency.
Musk also mentioned his track record at Tesla and SpaceX to convince bankers of his plans to make money off Twitter. While the pitch had many ideas from Musk’s side, his mention of job cuts stands out. It is a matter of concern as he also has a track record of shutting down entire departments, like Tesla’s PR.
Elon Musk & Twitter job cuts
Bloomberg reported the development via sources present during Mr. Musk’s call with the bankers. According to the report, Musk floated the idea of job cuts in this meeting before sealing the deal on his $44 billion offer.
Musk’s takeover has had a mixed reaction from Twitter employees. Some of his recent tweets also ended up with Twitter employees getting harassed on Twitter. While this is an issue of concern, there’s no certainty whether Mr. Musk will go ahead with the job cuts.
Besides that, Elon also mentioned to the bankers that he plans to monetize the platform and include a “potential subscription service” to create and maintain a revenue stream. While he has been silent about his plans for the social media platform, he has made some other things clear.
Mr. Musk’s press statements mention that he wants Twitter to have an open algorithm, get rid of bots, and allow freedom of speech. These are good goals, but nobody has an idea how Musk plans to achieve them.
In fact, this lack of clarity is causing trouble with Elon Musk’s other businesses. Tesla’s stock crashed as shareholders anticipated Elon to sell his tweets to make up for his Twitter purchase. And as it turns out, Musk sold $4 billion worth of Tesla shares.
It remains to be seen how Mr. Musk will balance his Twitter purchases with his other businesses. An overlap can be seen before the acquisition, but the situation could improve over time. However, Musk planning to fire Twitter employees could be troubling for those working at Twitter.