Takeover not yet through: Musk is already announcing job cuts on Twitter

Elon Musk is not yet behind the wheel of Twitter, but after a takeover there should be changes in the short message service.

Takeover not yet through: Musk is already announcing job cuts on Twitter

Elon Musk is not yet behind the wheel of Twitter, but after a takeover there should be changes in the short message service. In a video conference with employees, the tech billionaire is already talking about new ideas and job cuts.

Tech billionaire Elon Musk also wants to get involved in the product development of the service after a Twitter takeover. At a video conference with Twitter employees, Musk said he assumes that employees would listen to his suggestions for features. While the conversation was intended for staff only, Twitter employees shared information from it so freely that several major US media outlets were able to liveblog it.

Musk wants to increase the number of users to at least one billion. Twitter currently has 229 million. The tech billionaire also prepared the Twitter workforce for possible job cuts. Twitter should be financially healthy - and at the moment the costs are higher than the revenues, he emphasized. However, those who make a significant contribution have nothing to fear. According to Musk, valuable employees would also be more likely to be allowed to continue working from home. The online service had previously promised employees that they would not be forced back into the offices even after the pandemic ended. But Musk has only just made his other companies – the electric car manufacturer Tesla and the aerospace company SpaceX – mandatory.

It is also unclear whether Musk will eventually become the owner of Twitter. Although he agreed to a takeover with the Twitter board of directors, he is dependent on the approval of the majority of shareholders. At the same time, he declared the deal suspended because he had doubts about the number of fake accounts. Twitter countered that Musk could not unilaterally put the agreement on hold and was determined to enforce it.

While Musk is offering shareholders $54.20 per share, the price is currently around $38. So Musk has an incentive to renegotiate the price, while many previous shareholders have an interest in selling on his current offering. The appearance in front of the employees was taken as a sign that Musk is still fundamentally interested in buying Twitter.

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