Elon Musk’s Tough Play For Twitter Profitability – Lock-Out And Mass Layoff

Elon Musk calls himself Twitter Complaint Hotline Operator
Spread financial intelligence

Elon Musk just last week acquired Twitter in a $44 billion deal after a long battle and has since fired much of its management. Among them are the CEO, Parag Agrawal, the chief financial officer, Ned Segal, and the legal affairs and policy chief, Vijaya Gadde. This Friday, the remaining employees will be locked out of the office. This happens against the background of a mass layoff. Allegedly, half of the approximately 7,500 employees will be terminated to make Twitter profitable.

In an e-mail message to the staff on Thursday, didn’t spell out the extent of the cuts. The email said employees would receive a message by 9 a.m. PT Friday about whether they were affected. The staff reductions were intended “to place Twitter on a healthy path,” according to the company’s email. “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward,” the company added.

Elon Musk has not yet commented on these mass layoffs on Twitter. He now calls himself the Twitter Complaint Hotline Operator. Musk faces fierce criticism on Twitter for this action. That will hardly affect him. As is typical for Musk, he is doing his thing even in the face of the harshest criticism. And he does so quickly and without compromise.

Twitter is not the only tech company cutting jobs. The ride-hailing company Lyft and payments company Stripe announced major layoffs, and Amazon will freeze corporate hiring for months.

Leave a Reply

Your email address will not be published. Required fields are marked *