The fear of many Twitter employees is coming true as a new report by insiders says Elon Musk had outlined cutting costs and jobs as his main focus during his pitch for Twitter’s takeover.
After striking a major $44 billion deal, Tesla owner Elon Musk acquired the company. And as the platform is currently in the process of transitioning, we’re hearing some very interesting news from inside sources who chose not to be named.
The billionaire is said to have mentioned to bankers how it believed it could better improve the platform, floating out ideas pertaining to limiting costs and cutting people from jobs along the way.
This was said to be revealed through phone calls with bankers, moments before the bombshell deal came into effect. Moreover, it was outlined how Musk tried to answer numerous questions regarding his attempt at increasing Twitter’s finances. And that’s the direction he pointed towards.
At the moment, nothing is finalized but that doesn’t mean the company’s workforce isn’t worried about their unpredictable fate. After all, Elon Musk is known for his abrupt decision-making and moody stance.
Remember, at that time, Elon Musk didn’t have any access to the company’s financial statements. Therefore job cuts were an easy way out. Musk also failed to mention in detail what he meant by that and which departments would be affected the most.
People familiar with the conversations claim Musk also shed light upon different strategies or ways that it felt could best benefit Twitter in terms of monetization. And that’s where subscription services came into play as a driving force for growth and expansion.
But at the same time, Musk has reiterated how his primary focus is not money. He mentioned something similar at one recent TED conference, moments after generating his public offer of purchasing the company as a whole.
Musk says that he doesn’t even care about the financial part at all. Instead, he’s focusing more on driving growth and sales. But that gives such a vague picture as so many members of the company including investors are dying to know what is on his mind and how he will actually end up running the company.
Other than a few public tweets, we certainly haven’t seen too much action in regards to what future changes the company could be implementing. Similarly, Twitter didn’t carry out its usual call conference with investors in regards to the company’s quarterly earnings.
All we know is a vague description of how Elon Musk plans on making Twitter so much better. He claimed to eliminate spam from bots, introduce more products and features, and promote freedom of speech as some of his top agendas.
Musk is believed to have revealed to bankers how he would be keen on getting financial returns on his deal that would be used for the company’s benefit. And that’s when he brought his own Tesla and SpaceX firms into the conversation, adding how he was very familiar with the transition ordeal and how returns could be achieved.
It is believed Musk has sold Tesla shares to gain $4 billion to help seal the deal and that’s why he has no plans of selling any more shares. And that’s proof that he’s got the brains to get his returns but can he lead a social media company? Well, we’ll just have to wait and watch.
Creator: MIKE BLAKE | Credit: REUTERS
Read next: Twitter’s Performance Update Shows 12 Million New Users While Revenue Declines As Elon Musk Takes Over
After striking a major $44 billion deal, Tesla owner Elon Musk acquired the company. And as the platform is currently in the process of transitioning, we’re hearing some very interesting news from inside sources who chose not to be named.
The billionaire is said to have mentioned to bankers how it believed it could better improve the platform, floating out ideas pertaining to limiting costs and cutting people from jobs along the way.
This was said to be revealed through phone calls with bankers, moments before the bombshell deal came into effect. Moreover, it was outlined how Musk tried to answer numerous questions regarding his attempt at increasing Twitter’s finances. And that’s the direction he pointed towards.
At the moment, nothing is finalized but that doesn’t mean the company’s workforce isn’t worried about their unpredictable fate. After all, Elon Musk is known for his abrupt decision-making and moody stance.
Remember, at that time, Elon Musk didn’t have any access to the company’s financial statements. Therefore job cuts were an easy way out. Musk also failed to mention in detail what he meant by that and which departments would be affected the most.
People familiar with the conversations claim Musk also shed light upon different strategies or ways that it felt could best benefit Twitter in terms of monetization. And that’s where subscription services came into play as a driving force for growth and expansion.
But at the same time, Musk has reiterated how his primary focus is not money. He mentioned something similar at one recent TED conference, moments after generating his public offer of purchasing the company as a whole.
Musk says that he doesn’t even care about the financial part at all. Instead, he’s focusing more on driving growth and sales. But that gives such a vague picture as so many members of the company including investors are dying to know what is on his mind and how he will actually end up running the company.
Other than a few public tweets, we certainly haven’t seen too much action in regards to what future changes the company could be implementing. Similarly, Twitter didn’t carry out its usual call conference with investors in regards to the company’s quarterly earnings.
All we know is a vague description of how Elon Musk plans on making Twitter so much better. He claimed to eliminate spam from bots, introduce more products and features, and promote freedom of speech as some of his top agendas.
Musk is believed to have revealed to bankers how he would be keen on getting financial returns on his deal that would be used for the company’s benefit. And that’s when he brought his own Tesla and SpaceX firms into the conversation, adding how he was very familiar with the transition ordeal and how returns could be achieved.
It is believed Musk has sold Tesla shares to gain $4 billion to help seal the deal and that’s why he has no plans of selling any more shares. And that’s proof that he’s got the brains to get his returns but can he lead a social media company? Well, we’ll just have to wait and watch.
Read next: Twitter’s Performance Update Shows 12 Million New Users While Revenue Declines As Elon Musk Takes Over
