Twitter was successfully acquired by the richest man in the world, ushering Twitter into a new age. Elon Musk now controls Twitter following months of dithering, legal disputes, rhetorical mudslinging, and the narrow escape of a full-blown trial. Let’s find out what happened.
Hours after completing his $44 billion acquisition of Twitter the previous evening, Mr. Musk assembled several human resources professionals in a “war room” at the company’s San Francisco headquarters on October 28th. He advised them to expect widespread layoffs, according to six people knowledgeable about the conversation. He claimed that Twitter needs to reduce its workforce swiftly and that employees who were fired would not be eligible for bonuses scheduled to be given on November 1st.
According to the sources, the executives informed their new boss that his proposal might violate employment rules and breach employee contracts, resulting in legal action from the staff. However, Mr. Musk’s staff claimed he was unconcerned about the dangers because he was accustomed to appearing in court and paying fines. So Twitter’s human resources, accounting, and legal teams struggled to devise a way to carry out his order.
Two days later, according to three people, Mr. Musk discovered just how expensive those possible fines and legal actions might be. As managers argued over which staff to fire, delays grew as well. He made the decision to postpone job cuts until after November 1st. The decision to implement rapid layoffs and the following fear reflects the upheaval that has gripped Twitter since Elon Musk took over the company. The 51-year-old suggested how the social media platform should function but had no detailed implementation plan. The challenges of overseeing a site dubbed a “global town square” rapidly confronted him after that.
Twitter is now unrecognisably different from what it was one month ago due to financial strain brought on by debt and a faltering economy. Mr. Musk cut 7,500 jobs, 50% of the workforce. Executive departures have persisted. During the recent American midterm elections, false information was widely spread on the site. Snags occurred with a crucial initiative to increase subscription revenue. Some marketers were shocked by this.
In a recent meeting, Mr. Musk, who did not reply to a request for comment, warned employees that Twitter’s future was bleak. Mr. Musk allegedly said, “There’s a massive negative cash flow, and bankruptcy is not out of the question.” Mr. Musk stated they would have to put in a lot of effort to keep the business solvent. Mr. Musk also said, “Those who are able to go hardcore and play to win, Twitter is a good place. And those who are not, totally understand, but then Twitter is not for you.”
On October 26, Mr. Musk entered the glass doors of the building carrying a white porcelain sink to the Twitter offices in San Francisco. At the time, he posted a video of his triumphant entrance with the words, “Let that sink in!” Twitter’s chief marketing officer, Leslie Berland, invited staff members to introduce themselves to Mr. Musk and toured him around the building. He was observed conversing with workers at the workplace coffee shop. But the atmosphere quickly shifted. According to two persons with knowledge of the event, the chief executive of Twitter, Parag Agrawal, and the chief financial officer, Ned Segal, were present in the office the following day. They left the premises after learning that Mr. Musk’s takeover of Twitter would close that afternoon, unsure of what the new owner would do. According to two insiders, Mr. Agrawal and Mr. Segal quickly received emails informing them that they had been fired. Sean Edgett, Twitter’s general counsel, and Vijaya Gadde, it’s senior legal and policy officer, were also let go. Mr. Edgett was led outside while still inside Twitter’s offices.
For its staff members and their families, Twitter held an evening Halloween celebration called “Trick or Tweet.” Some employees made an effort to maintain a joyful atmosphere by dressing up. Others sobbed while exchanging hugs. Many of Mr. Musk’s advisors, who came with him, had experience working for some of his previous companies, including Tesla and PayPal, a provider of electronic payments. They set up shop in the “war room,” located on the second level of a structure connected to Twitter’s corporate offices. The space was filled with business memorabilia and was utilised by Twitter to host dignitaries and high-end advertisers.
Much more has changed since Mr. Musk’s acquisition of Twitter, and a lot more will change as well. Only time will tell if the beloved social media platform survives Elon Musk.
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