Elon Musk accepts mistake in firing Twitter employees en masse, will rehire some people
Elon Musk has accepted that as CEO, he made a mistake when he fired people en masse right after taking control of Twitter. The tech mogul accepted that some innocent people may have been affected by the mass firing, for no fault of their own
Elon Musk has accepted that as CEO, he made a mistake when he fired people en masse right after taking control of Twitter. The tech mogul accepted that some innocent people may have been affected by the mass firing, for no fault of their own
Since taking over Twitter, Elon Musk has implemented significant changes to the ethos at Twitter, which included reducing the headcount by almost 90 per cent. Under his management of the social media platform, the number of people working at Twitter went from around 8,000 to just above 1,000.
Twitter had to lay off most of its staff to cut costs and profitability. However, in a recent interview, Musk stated that he plans to rehire some of the employees who were let go during the restructuring, as he believes that some of the job cuts were excessive.
Musk accepts erroneously firing a lot of people
During an interview with CNBC’s David Faber after the 2023 Tesla annual shareholder meeting, Musk acknowledged that some of the individuals who lost their jobs should not have been part of the downsizing.
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Musk acknowledged that the decision to rapidly downsize was a result of the company’s dire financial situation, stating, “In desperate times, desperate measures are called for… Unfortunately, when you do it quickly, some innocent people may be affected.” In light of this, Twitter is now planning to rehire some of the employees who were laid off, indicating a course correction.
Complete confidence in Linda Yaccarino’s ability to bring back advertisers
Regarding the appointment of Linda Yaccarino, a former NBCUniversal executive, as CEO of Twitter, Musk expressed confidence in her abilities. He mentioned that Linda would oversee the company’s operations while he focused on creating innovative products.
Recognizing Twitter’s heavy reliance on advertising revenue, Musk highlighted Yaccarino’s expertise in this field, emphasizing that his own skills and interests primarily revolve around technology.
Musk also provided insight into the challenging financial circumstances that Twitter faced when he acquired the company. Upon completing the deal, Twitter had a negative cash flow of $3 billion, with only $1 billion in available cash.
Musk cornered into acquiring Twitter
When Musk tried to back out of his takeover bid, the board, led by then-CEO Parag Agrawal took Musk to court, which resulted in a legal battle that forced Musk to uphold the terms of his offer. Reflecting on the situation, Musk commented, “Essentially, they had me cornered, saying, ‘No, you have to acquire us!'”
Since the acquisition in October 2022, Musk stated that Twitter’s ad revenue has significantly declined, by up to 50 per cent. As a result, he revised the company’s valuation to $20 billion, a significant decrease from the initial $44 billion price that he had to cough up at the time of acquisition.
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