Elon Musk, TV’s Wario, has told investors that his new plan to revitalize Twitter is going to look an awful lot like firing more than 5,000 people who currently work at Twitter. This is per The Washington Post, which got its hands this week on some of the info Musk has been using to entice investors into his scheme to purchase the social media company—which is expected to finally go through this week, after months of litigation—saying he intends to lay off something like 75 percent of its 7,5000 workers pretty much immediately.

Now, to be fair—and we hate being fair to Elon Musk, so you know how this must pain us—at least some of those layoffs were probably coming anyway. One of the reasons Twitter took Musk up on his initial offer to buy the company back in April—and then sued him when he tried to back out of the deal—is that the company has never been the most profitable of the social media platforms, despite its cultural ubiquity. As such, Twitter was apparently gearing up to cut $800 million from its payroll this year anyway; that process, which would have amounted to letting go about a quarter of Twitter’s staff, was halted after Musk started pursuing an acquisition of the service.

  • Dirt_Owl [comrade/them, they/them]
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    2 years ago

    the company has never been the most profitable of the social media platforms, despite its cultural ubiquity

    Capitalism.jpeg

    Also, that doesn't mean it isn't profitable, just that it isn't as profitable as they'd like. They're not firing those people because they can't afford to keep them, they're firing them because they can't afford to keep them... Without giving up their third house.

    Imagine having something like Twitter, fucking Twitter, and all the power that brings and still not being able to make Instagram levels of money from it. Rich people do not understand economics in the slightest.