Thursday, August 18, 2022
HomeBusinessElon Musk Hints at Layoffs in First Twitter Meeting

Elon Musk Hints at Layoffs in First Twitter Meeting

Elon Musk, the multibillionaire, hinted about job losses in a meeting with Twitter staff if his $44 billion (£35.8 billion) acquisition offer for the social media business is successful.

He also spoke on remote working, freedom of speech, and the possibility of extraterrestrial life.

For the first time since making his bid for the company in April, Mr Musk was speaking with employees.

He has stated that if he is not given information regarding bogus accounts, he may terminate the agreement.

Mr Musk stated that layoffs at Twitter will be determined by the company’s financial status during a wide-ranging video conference with Twitter staff on Thursday.

“The business must improve its health. Currently, the expenses outweigh the revenues “he stated

“Anyone who is… a substantial donor should have nothing to worry about,” he continued.

He also remarked that unless “someone is special,” he prefers to work from home.

However, he did not offer an update on the acquisition talks, and Twitter workers expressed their dissatisfaction with his views on the company and employee remuneration on an internal communication channel.

Mr Musk, the CEO of Tesla and SpaceX, also explored the potential of life beyond Earth, but he stated that he has not seen “real proof for aliens.”

“Can we travel to distant star systems to investigate whether there are extraterrestrial civilisations?” he wondered, before adding that the platform may aid “civilisation and consciousness.”

Separately, in an internal letter to the company’s leadership on Thursday, a group of employees at SpaceX, where Mr Musk is CEO, dubbed Mr Musk a “constant source of distraction and humiliation.”

Meanwhile, later that day, he was sued for $258 billion (£209 billion) by a Dogecoin cryptocurrency investor, who accused him of conducting a pyramid scheme to inflate its price.

Mr Musk “used his eminence as the world’s richest man to control and orchestrate the Dogecoin Pyramid Scheme for profit, exposure, and pleasure,” according to the lawsuit filed in New York.

Mr Musk threatened to withdraw from the buyout deal earlier this month, accusing Twitter of “thwarting” his demands to learn more about its user base.

He claimed in a letter to regulators that he had the right to measure spam accounts himself.

After he claimed the sale was “on pause” seeking more information, the letter formalized a conflict that had been simmering for weeks.

At the close of New York trading on Thursday, the company’s stock was trading at $37.36, significantly below Mr Musk’s offer price of $54.20.

Bob Carlson
Bob Carlson
Bob Carlson is a business journalist, with over a decade of experience in the trenches of reporting up-to-date business news for publications all over the world. With a wealth of knowledge at his back, Bob strives to bring the most important insights into the business world for TheOptic daily.
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