December 4, 2022

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“Discharge 75% of the staff” – Corriere.it

From Massimo Gassi

The purchase will be completed next Friday. The businessman wants to dismantle the network of middlemen. But the White House is examining the billionaire concerned about Putin’s comments

New York Elon Musk says he plans to lay off 75 percent of Twitter employees (more than 5,000 from 7,500 today) when he has it. And the Purchase must be formalized by next Friday On October 28, if he wanted to avoid trial, for now only pending, due to the social network’s reason for wanting to force him to buy under the terms of the initial offer (the company’s share value is $54.20 for a total expenditure of $44 billion). But the intentions expressed today founder Tesla and SpaceX Contrary to the plans he outlined in May For other potential investors: a different business model E Increase in employees up to 11,000 in 2028.

As always, the affairs of Musk have ambiguous and contradictory sides. This time, according to an insult she posted BloombergThe White House appears to be involved as well, which has alarmed some business sorties that have been interpreted as pro-Putin, which will look for Legal channel for submissions
Twitter
And the
starlink

(the network of satellites that became necessary for communications in Ukraine) to be examined from the point of view of the national security needs of the United States.

One hypothesis is the activation of the CFIUS, the committee that studies foreign investments in strategic US companies (Musk co-financed the Twitter operation, as minority shareholders, Saudi Prince Al-Waleed bin Talal, the sovereign fund of Qatar and Binance, a company registered in the Cayman Islands but owned by China). The US government has neither confirmed nor denied this National security analyzes are not made public.

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But, let’s get back to the bargainTwitter
And the Why is Musk planning a mass layoff?

Five years ago, Elon Musk tried to turn Tesla from a niche manufacturer into a The global leader in the automotive market Building the new Model 3 in a fully automated factory. did not work. Musk admitted his mistake, filled the assembly line with flesh and blood workers again and uttered a famous phrase: Humans are being underestimatedhumans are undervalued.

In the case of Twitter, Elon seems to have convinced himself otherwise: Overestimating people. Rumors about the cuts by Twitter employees were met with reactions that ranged from disbelief to anger and resignation.

Many considered Musk’s arrival a disgrace from the start, especially because of his intention To re-accept Donald Trump on the social network and other extremists who have been expelled for using violent expressions, inciting hatred or spreading conspiracy theories and other lies. The businessman had already said that he intended to Dismantling the body of psychics, responsible for filtering content posted on the network by blocking those that are against Twitter’s rules. Without filters, the platform risks having it all: slander, falsehood, and child pornography.

But Musk might think of something else. The resignation of many employees is explained by the fact that even the current owner was still ready to restructure the social network: Save $800 million by the end of 2023This corresponds to a 25% reduction in the number of employees. Elon will sink the knife even more to get rid of him Professional personalities that he considers useless Or maybe put the rebels at the door. It certainly has to downsize because Twitter is losing, and according to analysts like the Manhattan Venture Partner, Twitter today, which Musk pays $44 billionIts value is not more than 10-12.

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But, most likely, some of the excluded employees will be replaced by other specialists with skills more suitable for business that the entrepreneur seems to want to develop in Twitter with the mysterious person. Everything app
: Platform X.comperhaps a place to get information, talk, get favors, and make purchases, which sometimes appear in Musk’s speeches.

Oct 21, 2022 (change Oct 21, 2022 | 22:57)