Billionaire Elon Musk is about to do something terrible at Twitter: Internal chaos

Accordingly, billionaire Elon Musk told banks that backed his $44 billion acquisition of Twitter Inc that he could cut executive salaries of board directors. management at the social media company to reduce costs, and will develop new ways to monetize tweets, but he hasn’t included them in the formal plans presented to the company’s board of directors. Twitter, according to three people familiar with the matter shared. Other ideas include paying influencers like TikTok to attract more eyeballs of users.

Originally, Elon Musk has focused on freedom of speech when talking about his plans to buy Twitter, but in discussions with bankers to secure financing for the acquisition, Elon Musk had full of ideas on how to revive Twitter’s business.

Musk has been talking to bankers about creating “efficiency” at Twitter, which could include job cuts, according to people present in the discussions who shared with the Washingtonpost on condition of anonymity because sensitive issues.

Musk also offered some ideas to increase revenue for the company, such as paying “influencers” to create content, following the business model that helped make TikTok a media app. strong society. The Tesla CEO also floated the idea of ​​subscription services that the Twitter company could sell.

The ideas were raised in a “working group” with bankers as Elon Musk sought to secure financing for the deal. The negotiations showed that the Tesla CEO wasn’t just thinking about the issues of free speech first when running Twitter, which Elon Musk agreed to buy for $44 billion this week.

The sources said that Musk’s words to bankers are his vision, not firm commitments, and the exact cost-cutting that Elon Musk will pursue as ownership. Twitter ownership is still unclear. The sources added that the plan he outlined for the banks was slim.

Bloomberg News reported earlier that Musk specifically mentioned job cuts as part of Elon Musk’s pitch to banks. One of the sources said that Musk won’t be able to make a decision to cut jobs until he takes full ownership of the company later this year. That is, he proceeded with the acquisition without access to the confidential details of the company’s financial performance and number of employees.

Musk told banks that he also plans to develop features to increase business revenue, including new ways to monetize important or viral tweets, sources said. said.

For now, Musk’s proposal to fire employees is likely to add to the anxiety that Twitter employees feel, since news of Musk’s offer became public. Twitter CEO Parag Agrawal said this week there are no plans to lay off any employees, but some employees have sought to leave, Insider’s Kali Hays reported. Worried Twitter staff Elon Musk destroys company culture and creates a Tesla-like punitive work environment.

Some employees even told The Post they were still in shock at the news. Others have posted crying emojis, memes of people suffering from nervous breakdowns, and emotional messages to comfort their colleagues and workgroups. They expressed frustration at the lack of answers from management on how the company was able to make the transition to privatization.

As can be seen, private conversations with bankers provide some unique clues about Musk’s business strategy in taking over Twitter. While Musk has made small public suggestions like adding an “edit” button to tweets, he hasn’t spoken publicly about his broader strategy and has instead focused on moderation decisions. content provided by the company. He has spoken publicly about free speech on what he calls the de facto town square.

Currently, Twitter and Musk did not immediately respond to a request for comment after this article was published. Twitter recently reported earnings and said the company’s number of daily active users is slowly growing – it has grown to 229 million. Revenue in the first quarter rose to $1.20 billion, lower than analysts’ estimates, compiled by Bloomberg.