May 23, 2024

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Elon Musk proposes job cuts, hiring stars to help Twitter: reports

Elon Musk proposes job cuts, hiring stars to help Twitter: reports
  • Reports say that Elon Musk, in talks with bankers, has brought up ideas for raising Twitter’s net profit.
  • But he did not release the details, and the banks funded the acquisition of Twitter because he had other assets.
  • Musk’s private presentation to bankers contrasts with his position that he does not care about Twitter’s profitability.

In talks with bankers before taking Twitter private, Elon Musk suggested laying off staff, inviting influencers to create content, and offering subscription services to improve Twitter’s bottom line, according to multiple news reports Friday.

Musk also suggested monetizing the tweets and cutting executives and the board’s salaries, according to reports from BloombergAnd Washington PostAnd Reutersciting unnamed sources who were aware of the fundraising efforts.

Musk approached the bankers after that announcing Its takeover bid was made on April 14 and accepted by Twitter’s board of directors accepted Reuters reported that his proposal of $ 44 billion on April 26.

Although Musk brought these ideas to bankers to improve Twitter’s bottom line, he did not include them in the official plans presented to the Twitter board of directors, Bloomberg and The Post reported. Instead, he said he would make sure the deal was profitable, Bloomberg sources reported.

Although there are no details, lenders are still buying Musk’s vision because the billionaire already owns many valuable assets that could come in handy when he takes out loans for the deal, the paper reported.

Musk’s behind-the-scenes talks about the end result contradict his public statements about buying Twitter. Twitter is not a way to make money, Mask She said At a live event on April 14, he added, “I don’t care about the economy at all.”

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Musk avoided sharing concrete plans for the social media platform. all that is publicly said Is that he plans to add an “edit” function, remove spam programs, open up the Twitter algorithm changes, and ease moderation of content on the site.

Musk’s proposal to lay off employees is likely to add to the anxiety felt by Twitter employees since news of Musk’s bid became public. Twitter CEO Parag Agrawal She said This week layoffs are not planned, but some employees already Looking for a way outAs reported by Insider’s Callie Hayes.