February 26, 2024

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Elon Musk’s plans to make money with Twitter are said to include job cuts

Elon Musk's plans to make money with Twitter are said to include job cuts

As part of his bid to raise money for the acquisition of Twitter, Elon Musk appears to have “blowed up” the idea of ​​eliminating jobs at Twitter to improve the bottom line, according to Bloomberg Report. “While nothing was set – and Musk himself did not have access to non-public financial data on Twitter at the time – he did specifically mention job cuts” during discussions with banks, the report says. Washington Post This has been reported Musk has discussed achieving “efficiencies” at the company in conversations with bankers, “which could include laying off jobs.”

There is still a lot of skepticism about what Twitter will look like under Musk’s ownership, assuming that A $44 billion deal was announced Monday It passes as expected. So far, the best indication of what he wants to do with the platform comes from his own words In a press release:

Freedom of expression is the bedrock of a functioning democracy, and Twitter is the digital city arena where matters vital to the future of humanity are discussed. I also want to make Twitter better than ever by improving the product with new features, making open source algorithms to increase trust, defeat spam bots, and authenticate all humans. Twitter has huge potential – I look forward to working with the company and the user community to unlock it.

But potential job cuts have not been publicly discussed. Twitter did not immediately respond to a request for comment.

Looking at Musk’s many tweets about opening up free speech on the platform – including those critical of Twitter’s previous decisions Draw negative attention to employees One area where Musk might make cuts is in the corporate policy department. Musk has dissolved the public relations department in Teslaso Twitter’s communication groups may also be under scrutiny.

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To the bankers, Musk may have discussed ways to improve the bottom line, but he has indicated publicly that he is not interested in Twitter for the money. “This is not a way to make money,” Musk said at TED 2022 on April 14th. “My strong a priori feeling is that having an extremely reliable and broadly inclusive public platform is critical to the future of civilization. I don’t care about economics at all.”

Update April 28, 8:30 PM ET: Added support from Washington Post.