Social media platform Twitter has announced it will make job cuts after Elon Musk took over as chief executive. In a statement, the company said it would “explore all options” to make sure the business was sustainable. It comes after Mr. Musk, the billionaire founder of electric carmaker Tesla, bought a controlling stake in the firm last month. Twitter has not said how many jobs will be affected. (Also Read: Biden Warns That Election Denial Is a “Path to Chaos”)
Twitter to make job cuts
Twitter is set to make job cuts in the wake of Elon Musk’s takeover of the social media platform.
Musk, who is the founder and CEO of Tesla, Inc., announced on Twitter that he had acquired a controlling stake in Twitter. He then proceeded to tweet that he would be making “massive” job cuts at Twitter.
This news comes as a shock to many, as Twitter has been struggling to grow its user base and revenue. The company has also been under pressure to address its issues with harassment and abuse.
It is not yet clear how many jobs will be cut or where the cuts will be made. However, it is likely that the majority of the cuts will be made to staff who work in Twitter’s sales and marketing departments. These are the departments that have been most affected by Twitter’s struggles in recent years.
The news of job cuts comes as a blow to employees at Twitter, many of whom are already feeling insecure about their jobs. The company has been through several rounds of layoffs in recent years, and morale is said to be low.
Twitter has not yet commented on Musk’s tweets about job cuts. It is unclear if the company was aware of his plans before he made them public.
Tesla’s Elon Musk takes over Twitter
In the wake of Twitter’s announcement that it will be cutting jobs, CEO Elon Musk has taken to the social media platform to share his thoughts on the matter.
Musk began by tweeting that he is “excited to work with the team at Twitter” and that he believes there is “a lot of potential” for the company. He also said that he plans to invest “significant resources” in Twitter in order to make it a more powerful communications tool.
Musk then went on to address some of the criticisms that have been leveled at Twitter, specifically its handling of user data and safety. He agreed that there are “legitimate concerns” about these things, but he said he is sure Twitter can handle them well.
Finally, Musk closed by saying that he is looking forward to helping Twitter grow and improve in the years to come. His takeover of the social media platform is sure to be a major talking point in the tech world for some time to come.
Twitter’s stock prices soar
Twitter’s stock prices have soared since news of Tesla CEO Elon Musk’s potential takeover bid surfaced.
In a tweet on Tuesday, Musk said he was “considering taking Twitter private at $420 per share,” which could be a hint at a possible offer.
The tweet sent Twitter’s stock prices soaring by more than 11 percent.
This is just the latest example of Musk’s influence on the stock market. In the past, he has caused swings in the prices of Tesla, SolarCity, and SpaceX.
Pay to verify
Budget cuts were made when Twitter’s proposed monthly fee of $8 (£7) for a “verified” blue checkmark was met with widespread backlash.
Those who pay will not only get the badge, but their tweets will also get more attention, and ads will be less visible.
Mr. Musk tweeted his plan, saying, “We need to pay the bills somehow.”
Twitter’s monthly active user count has been relatively stable at around 300 million for the past few years, and the company has not turned a profit in that time.
Many experts say that the world’s richest man, Elon Musk, overpaid for the company because of the state of the economy and the lower prices of many tech stocks.
However, in a BBC interview, Twitter’s former head of worldwide communications, Brandon Borrman, questioned how the company could justify charging users to stay on an “even playing field” with others.
How these reductions will influence platform functionality remains unclear. Mr. Musk is known for being extremely demanding of his employees.
U.S. media outlets are reporting that employees are putting in more time since the takeover to satisfy Mr. Musk’s expectations.
In May, Mr. Musk suggested that his standards for work ethic would be “severe,” but lower than his own. (Also Read: 5 Lions have Escaped From the Taronga Zoo’s Exhibit)