• No trading of Twitter shares on the NSYE
• Elon Musk fires managers and employees en masse
The takeover of the social media company Twitter by Elon Musk, based in San Francisco, turned out to be a pure rollercoaster ride. In October last year, the time had come – the Tesla CEO became the sole owner of the platform. At the end of October, Twitter shares left the New York Stock Exchange. Shareholders received $54.20 per share. Former Twitter CEO Jack Dorsey was enthusiastic about the change of ownership and even tweeted that this was the only solution he trusted.
In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.
– jack (@jack) April 26, 2022
more massive downsizing by Elon Musk
It wasn’t an easy start for Musk at the social media platform. International corporations such as Volkswagen and Pfizer paused their advertising on the online service after the takeover. Opel’s parent company, the carmaker Stellantis, told SZ: “We are pausing paid advertising until we have a clearer picture of the future of the platform under the new leadership.” As a result, Twitter suffered a significant drop in revenue.
As things progressed, Elon Musk made more and more headlines with waves of layoffs. In addition to top executives, 3,738 of 7,500 employees also received their notice of termination by e-mail. As CNBC reports, internal records show that the platform has shrunk to about 1,300 full-time employees and about 1,400 employees are still being paid without actively participating in the company.
Change of mood at Jack Dorsey
The management of the company Twitter has brought about a change of heart in the former CEO Dorsey. When asked by some users on the Bluesky platform, in which Dorsey has invested, whether he thinks Elon Musk is the right CEO for the online service, he says: “No. I don’t think he did the right thing either , after realizing his timing was bad. It all went down the drain,” reports CNBC. He added that he’s glad new social media platforms like Bluesky are being built.
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