IBADAN, Nigeria (VOICE OF NAIJA)- The new Chief Executive Officer of Twitter, Elon Musk, in a tweet shared on Saturday, 5 November, revealed reasons for laying off some workers in the organisation.
The social media platform boss tweeted: “Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day.
Everyone exited was offered 3 months of severance, which is 50% more than legally required.”
His tweet has garnered reactions from tweeps on the platform.
A tweep, Evelyn said: “If Elon Musk takes over Twitter and brings Donald Trump back, I will be leaving this country. I got my passport last week when I heard he might buy Twitter. Instead I’ll be moving to A CIVILIZED COUNTRY, the gorgeous Alaska! So long, America! You’ve just lost a citizen. Bye”
@LefterisJP shared a graph by BBC and wondered why Twitter is suffering from loss.
In his own words: “That’s what I also wonder. Who took this loss? This graph by bbc really surprised me.”
Another tweep, @Agusx1211 also weighed in on @LefterisJP’s comment: “How can you have this many active users and still lose money I’m 💀”
@CryptodaddyTV tweeted: “99% of us know that you’re a good man Elon. The other 1% are just so damn loud.”
In another tweet, he said: “I’m confident this app will be worth 10x what it is today within 10. With you and your team at the helm, it’ll be much more than just an app. I’m sure of it.
Recall that the world’s richest tech entrepreneur, raised an alarm over a drop in the company’s revenue, nine days after he officially acquired it.
Musk, whose acquisition of Twitter began on 13 April, this year, concluded the deal on 27 October.
The business magnate has been stirring up a lot of controversies following many changes he brought to his newly acquired American social media company including the $8 compulsory charge for verified users of the bird app.
On 25 April, Twitter’s board of directors unanimously accepted Musk’s buyout offer of $44 billion, with the company set to be taken private, according to “Acquisition of Twitter by Elom Musk” on Wikipedia.
Musk had stated that he planned to introduce new features to the platform, including making its algorithms open-sourced, combat spambot accounts and promote free speech.
In July, 2022, Musk announced his intention to terminate the agreement, saying that Twitter had breached their agreement by refusing to crack down on spambot accounts.
Following the announcement, the company filed a lawsuit against him in the Delaware Court of Chancery with a trial scheduled for 17 October.
However, weeks before the date set for the trial, Musk made a U-turn and announced that he would move forward with the acquisition, hence, the deal was closed on 27 October, with him becoming the new owner and CEO of Twitter.
Immediately Musk officially became the new owner of Twitter, he fired several top executives, including previous CEO Parag Agrawal, and further proposed several reforms to Twitter, including the creation of a “content moderation council” to handle free speech.
But on Friday, the world’s richest businessman cried on Twitter saying that “Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.
“Extremely messed up! They’re trying to destroy free speech in America.”