Already in May Elon Musk made a bold, unintentionally hilarious claim when he said that as the owner of Twitter, he would take the company’s annual revenue to $26.4 billion by 2028, which was hilarious considering Twitter’s revenue in the second quarter this year was $1.18 billion, and its profit was minus $270 million. Of course, his legion of online fanboys no doubt scoffed at the idea that he wasn’t going to achieve his goal, and then presumably said things to the naysayers in their lives like, “Musk is a visionary, what have you ever done?” and “Wait just until he reveals his plan, you’ll eat your words.” Now, a week after owning the platform, Musk Has started revealing that plan, and so far it appears to be (1) asking Twitter users to pay him $8 a month for verification and (2) laying off half of the company. The notable feature of that is that it’s not very visionary and probably won’t net him the many extra billions of dollars a year he needs to reach his goal.
Bloomberg reports that Musk, the world’s richest man, plans to “cut about 3,700 jobs at Twitter Inc., or half the social media company’s workforce,” starting Friday, according to people familiar with the matter. Separately, Axios reported Thursday that Twitter would require its remaining employees to return to the office, with “sources within the company” saying there will be “additional turnover as many employees cannot or do not want to relocate.” ‘ in addition to the layoffs. (According to the outlet, workers who have been hired remotely during the pandemic “have only a short amount of time to decide whether to move close to a Twitter office,” because with Elon Musk’s Twitter, it is all the time Great.) Within hours of the website owner, Musk firing the CEO Parag Agrawal, CFO Ned Segal, political boss vijaya gadde, and Advocate General Sean Edgett; He’s reportedly trying to pay them and other senior staff the exit package money they’re contractually owed because it’s class again.
So, okay, there’s going to be some cost savings from not having all these people on the payroll, but how else is Musk going to make all that extra money? As you’ve probably heard, people are charged a monthly fee to have a blue tick next to their name. An idea that, as you may have heard, isn’t going well since (1) he’s already lowered the price in response to widespread user outrage:
And (2) even at $8 a month, a lot of people don’t respond. Which has led to uncomfortable appeals like these:
Meanwhile acc The New York Times, “Advertisers — who account for about 90 percent of Twitter’s revenue — are increasingly taking issue with Mr. Musk’s ownership of the platform” and “IPG, one of the world’s largest advertising companies, issued a recommendation for clients through its media agencies on Monday to temporarily close are pausing their issues on Twitter for moderation reasons, said three people with knowledge of communications.” Which doesn’t look great!
Anyhow, we’re sure Musk has some other multibillion-dollar ideas up his sleeve (which he just chooses not to tell people about right now).
https://www.vanityfair.com/news/2022/11/elon-musk-twitter-layoffs-blue-checks Report: Elon Musk’s Plan to Make Twitter Profitable Involves Canning Half the Staff and Begging People for $8