Elon Musk informs Twitter Staff about not eliminating the workers. Staff is worried about their Jobs.
Elon Musk informs Twitter staff that he does not plan to eliminate 75% of positions.
According to persons familiar with the situation, Elon Musk publicised Twitter Inc. employees on Wednesday that he does not plan to fire 75% of the workforce after taking over the association.
According to the people, who asked not to be identified because the details are private, Musk, whose $44 billion acquisition for Twitter is expected to conclude on Friday, contradicted the earlier said amount in an address to staff members at the company’s San Francisco office.
Employees are concerned since it is still expected that the billionaire will lay off workers as part of the buyout. On Thursday, Musk published a video of him walking into the offices holding a kitchen sink. His Twitter bio was changed to read “Chief Twit.”
In a letter submitted to financial watchdogs on Monday, it was announced that Twitter’s board had been removed, further ceding control of the business to Musk.
Later on Monday, a financial filing made it clear that Musk is the company’s CEO.
According to one of the persons, the team was making decisions over what is expected to be the first round of layoffs that will affect around a quarter of the personnel, which numbers more than 7,000.
Nearly every department would be affected by layoffs, and shortly, the person predicted that sales, product, engineering, legal, trust and safety will be greatly affected. According to data seen by The Post, some of Twitter’s highest-paid workers after engineers work in sales, where several make over $300,000.
The billionaire Tesla owner acquired Twitter for $44 billion last week after several difficult months of negotiations and legal conflicts. In the spring, Musk made a bid for the company and then made an effort to revoke it. The billionaire eventually agreed and made a bid to buy the company at his initial offer price after Twitter sued to force him to seal the deal.
Musk has engaged several seasoned allies as he begins to rebuild Twitter. Members of Musk’s team were in New York City on Monday for meetings at Twitter’s corporate offices, according to posts on social media.
Sacks, a conservative firebrand and fundraiser, has collaborated with Musk ever since they co-founded PayPal 20 years ago. Sacks have made some compelling arguments for content moderation online and have decried Big Tech censorship.
Along with a view of a Twitter coffee mug, Calacanis tweeted that Saturday was “Day Zero,” adding that he had spoken with Yoel Roth, a Twitter official in charge of content moderation policies, about safety problems as well as bots and trolls. Roth later published information on those policies.
Musk declared that Roth’s alleged internal discussions about Twitter metrics, which he showed on Sunday, show that Twitter’s board and attorneys “deliberately withheld… facts from the court.” The tweet shows Musk potentially dropping scores by exploiting his newly acquired access to internal data.
According to the people, the new leadership team is asking about every part of the company, including the specifics of spam and approaching elections as well as content control. According to a Musk tweet and the persons, they discussed identity verification on the site, including confirming high-profile users with blue checkmarks.
Sriram Krishnan, a partner at the venture capital company Andreessen Horowitz who focuses on cryptocurrencies, was another Musk associate who tweeted about his involvement. He too said he was assisting with the transaction. The company contributed $400 million. On his LinkedIn profile, he identifies himself as a former Twitter executive.
A financial filing on Monday revealed that Twitter co-founder and former CEO Jack Dorsey had transferred his Twitter shares to the new business, making him a stakeholder in Musk.
According to multiple employees who spoke on the situation of anonymity to protect their jobs, as of Sunday evening, less than three days after Musk took control of the firm, Twitter employees were still unaware of any new plans for the company.
A formal statement of the acquisition has not yet been made by the business. The communications division has stopped speaking. There have been rumours of layoffs, and some notices have been privately distributed.
Before Nov. 1, when Twitter employees are scheduled to get more revenue due to stock grants, layoffs are expected to start. Musk stated on Twitter on Sunday that reports of upcoming layoffs at Twitter the following week were “fake.”
According to interviews and documents received, earlier this year Musk announced to potential investors in the acquisition that he intended to reduce Twitter’s overall employment by almost 75%, leaving the firm with about 2,000 employees. When visiting Twitter’s headquarters last week, Musk told the staff that he had no plans to eliminate three-fourths of the workforce.
The total number of layoffs is probably closer to 50%, according to another source familiar with the arrangement who spoke last week on the condition of anonymity to discuss sensitive issues.
Musk has already removed four senior executives and assigned Tesla engineers to review Twitter’s software code. He announced his intention to create a council of experts to oversee content moderation on Twitter.
This weekend, Musk tweeted out content from a website renowned for spreading false information to highlight the challenges of his new job.
As the deadline for Elon Musk to finalize his $44 billion acquisition of the company approaches, Twitter staffers are circulating an open letter objecting to his plan to fire as much as 75% of the company’s personnel.
Musk has until Friday to finalize the deal; else, a Delaware judge will reopen the litigation.
The Washington Post reported last week that Elon Musk told potential investors about his desire to receive Twitter that he intended to replace or eliminate the positions of approximately 75% of Twitter’s workers, dropping the company’s headcount from 7,500 to just 2,000. In the past, Musk has called the social media firm fat and said that its staff has a “strong left-wing bent.”
On Monday, a draft of the open letter was going around among Twitter employees. The letter’s draft, which has not yet been made public, stated that “Elon Musk’s proposal to fire 75% of Twitter employees will damage Twitter’s ability to serve the public debate.”
“A threat of this nature is dangerous, undercuts the confidence our customers and users have in our platform, and is an open act of employee intimidation,” the company said.
The letter asks Musk to ensure that, in the possibility of a successful takeover, Twitter will retain its current workforce. Additionally, it mandates that he refrain from treating staff members unfairly because of their political views, commit to “fair” severance practices, and increase information about working conditions.
At the time of publication, it was unknown how many Twitter employees had signed the letter. Messages addressed to potential signatories stated that signatures would not be made public until a certain number of people had signed.
Elon Musk removes the Twitter board and became the only director.
According to a company filing, Elon Musk has removed the board of directors from Twitter, giving him complete authority over the dominant social media platform.
After completing his $44 billion buyout of the firm last week, Musk became the “sole director” of Twitter, according to filings submitted to the US Securities and Exchange Commission (SEC) on Monday.
Later on Monday, the Tesla CEO tweeted that the deal will be “temporary” without providing any other details. Musk, who also owns the space transportation firm SpaceX and the neurotechnology startup Neuralink, started his stint at the company on Thursday by sacking the CEO Parag Agrawal and the CFO Ned Segal.
According to the SEC filing, Musk has offered to purchase all of Twitter’s existing bonds. Musk, the richest man in the world, used a combination of his cash, investment capital, and bank loans to complete the acquisition of the business.
An intensive talk about how to strike a balance between free speech rights and protecting vulnerable groups from internet abuse has been sparked by Musk’s acquisition of the influential social media platform.
Musk, a “free-speech absolutist” who calls himself, has criticized Twitter’s moderation practices and said that the website is biased in favour of left-wing viewpoints.
Musk has not yet provided specifics about his plans for the platform, although it is widely expected that he will loosen moderation standards and reduce the company’s employees significantly.
Musk has emphasized the necessity for a “common digital town square” where a variety of views can be shared and discussed, while also noting that Twitter cannot be a “free-for-all hellscape.”
Musk has voiced displeasure with Twitter’s reliance on advertising. He has said that interest in charging users for the blue checkmark is used to verify well-known accounts and offer alternative versions of the network based on a rating system akin to that used in movies.
The former first lady and Democratic presidential nominee Hillary Clinton criticized the GOP in a tweet on Saturday for promoting “hate and deranged conspiracy theories,” which she argued gave the attacker of House Speaker Nancy Pelosi’s husband Paul a growth inside the couple’s San Francisco home early on Friday.
Musk responded to the tweet with the statement, “There is a slight potential there might be more to this story than meets the eye,” and shared a link to an article from the Santa Monica Observer, which fact-checkers have defined as a source with low reliability that supports the far right.
The story makes the unfounded claim that Paul Pelosi got into a fight with a male prostitute while intoxicated, citing a right-wing conspiracy theory. Musk has linked online with other right-wing figures who have grown the conspiracy theory as well.
The actions of Musk, who has since deleted the tweet, highlight the challenging task Twitter faces in balancing what Musk says publicly with what he does in private.
edited and proofread by nikita sharma
