Elon Musk showed up at Twitter headquarters with a kitchen sink as he addressed employees on the eve of his $44 billion takeover of the social media company.
In a bizarre video posted to the social network, the Tesla billionaire enters the San Francisco Twitter office by the sink and adds, “Let that sink in.” He also changed his Twitter caption to: “Chief Twit.” .
Mr Musk later spoke to employees and told them that reports he plans to cut up to 75 percent of the company’s workforce were inaccurate.
He is in the final stages of a $44 billion takeover of Twitter this week, with the deal expected to close on Friday after months of litigation.
The billionaire had attempted to break away from the deal by claiming that Twitter had provided inaccurate information about the number of spam or “bot” accounts active on the social network.
Twitter is suing Musk to force him to complete the acquisition for $54.20 per share. Mr Musk eventually agreed to complete the deal on its original terms.
Banks working with Mr Musk are in the process of flipping $13 billion in cash to fund the deal.
Wall Street lenders are expected to lose hundreds of millions of dollars funding the deal after rising interest rates over the past six months have made borrowing on the deal on its original terms more expensive.
While Mr Musk has reassured Twitter workers that he has no plans to cut three-quarters of them, it is expected that he will continue to seek to downsize at the company, which he sees as bloated and inefficient.
He has repeatedly criticized the company’s executives and CEO for not taking quick action against “bot” accounts.
Mr Musk, who is worth $211 billion, funded the deal by selling shares in his electric car company Tesla and with the support of investors and friends from Silicon Valley.
The Tesla boss has said he supports freedom of speech and would like easier moderation on the social network.
He has also floated plans to develop a “super app” called X, which will include Twitter.
Dan Ives, technology analyst at Wedbush Securities said, “Twitter’s $44 billion price tag will go down in history as one of the most overpaid tech acquisitions in M&A deals.”
He added Mr Musk was effectively forced to buy Twitter after realizing he was likely to lose his lawsuit to go out of business.
https://www.telegraph.co.uk/business/2022/10/27/elon-musk-arrives-twitter-sink-vows-not-cut-75pc-jobs/ Elon Musk arrives at Twitter with sink as he vows not to cut 75pc of jobs