Skip to main content

Twitter job cuts.

 


Elon Musk has begun to slash Twitter's 7,500-strong workforce as the social media platform's new billionaire owner warned of a "massive drop in revenue" following his $44bn buyout of the group.

As Musk embarked on his cost-cutting cull, he said yesterday 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». Brands such as General Motors, Mondelez, Carlsberg, Volkswagen and General Mills have paused marketing on the platform since Musk took the helm, with some advertisers fearful he will allow a wave of hate speech and misinformation to spill onto the site. The move was immediately met by a class-action lawsuit from a small group of Twitter employees, alleging the company had violated labour laws by failing to give the required advance notice. The job losses cap a chaotic first week for Twitter under Musk's command, during which the world's richest man overhauled the management team, asked staffers to work round the clock on new products and publicly brainstormed plans to shake up the business via his own Twitter account.

Although Musk has not publicly discussed the lay-offs, Twitter lit up with staff announcing their departure. There has been turmoil inside the company for months since Musk first bid to buy it before trying to back out while publicly mocking Twitter's staff. After a legal battle, the deal closed last week, with Musk paying his original offer of $54.20 a share. Musk has made no secret of his plans to overhaul Twitter, which has been criticised for sluggish innovation.

www.sba.tax

Labels:

Comments

  1. Tim5 November 2022 at 20:03

    I am very curious to see what changes with Twitter in the next 3-4 months. Will it become a place where hate-speech is accepted? Or will it become more of a place where you can actually have a debate? Lately it was a place where you needed to say and do certain things or risk getting outed.

    ReplyDelete
  2. Oliver6 November 2022 at 10:19

    Musk shouldn't have just fired those people. Notices should have been handed down and they shouldn't have been treated so poorly. It just doesn't look good and it's not nice at all. I understand that some people need to go, not disputing that, but the way this happens is very important.

    ReplyDelete

Post a Comment

Cloud Bookkeeping

HS2 cost cuts new routes and add delays.

 Trans­port depart­ment offi­cials have begun work on «Project Sil­ver­light» sug­gest­ing the high­speed rail scheme might face four addi­tional years of delay. The planned High Speed 2 rail line faces fur­ther delays of up to four years and more cuts to the project under plans being drawn up by min­is­ters to rein in its bal­loon­ing costs. The extra delays to the coun­try’s biggest infra­struc­ture project would mean that it would not be com­pleted until as late as 2045 — 12 years after ori­gin­ally planned. «This is a func­tion of infla­tion; we are hav­ing to find huge sav­ings because the cost of everything the depart­ment is already doing will have become so much more expens­ive by then,» said one gov­ern­ment offi­cial. In Octo­ber, the FT repor­ted that the Treas­ury had asked HS2’s man­age­ment team to identify poten­tial cuts or «scope reduc­tions» to the high-speed line. Trans­port depart­ment offi­cials have sub­sequently begun work on Project Sil­ver­light aimed at fi...
4 comments
Read more

Small business will be excluded from fraud law.

  Min­is­ters are plan­ning to exclude small busi­nesses from anti-fraud legis­la­tion by nar­row­ing the scope of a crim­inal offence tar­get­ing com­pan­ies that fail to pre­vent eco­nomic crimes. MPs and anti-cor­rup­tion cam­paign­ers had hoped the gov­ern­ment would seek to amend the eco­nomic crime and cor­por­ate trans­par­ency bill to ensure the new offence covered all com­pan­ies. The plans to limit the scope of the amend­ments will also dis­ap­point those who had hoped the legis­la­tion would remove key hurdles to the pro­sec­u­tion of white-col­lar crime. A new «fail­ure to pre­vent» offence for fraud would bring it in line with exist­ing sim­ilar cor­por­ate offences for bribery and tax eva­sion. At present, pro­sec­utors need only prove that organ­isa­tions lacked «reas­on­able» or «adequate» con­trols to pur­sue the offence in bribery and tax eva­sion cases. «It would be much more sens­ible for the gov­ern­ment to provide strong guid­ance for SMEs on what these pro­ce...
3 comments
Read more

Doubt on CS's collateral.

  Credit Suisse provided an emergency $140mn loan to Greensill Capital based partly on invoices to companies that deny ever doing the business stated on the documents. The Swiss bank provided the loan in October 2020, less than five months before the collapse of Greensill, a supply chain finance firm that counted former British prime minister David Cameron as a senior adviser. Invoices issued by metals magnate Sanjeev Gupta’s Liberty Commodities and sold to Greensill formed part of the collateral for the loan, according to documents seen by the Financial Times and people familiar with the transaction. Yet several of the parties named on the invoices have told the FT they did no business with Liberty. GFG has consistently denied any wrongdoing. Credit Suisse’s loan had a clause dictating that the collateral value had to be equal to or greater than the $140mn borrowed. The terms of the debt agreement only allowed invoices on Green-sill’s balance sheet to count towards this tally if t...
2 comments
Read more