Twitter will send its staff members information about Elon Musk’s acquisition of the company. According to a note distributed to staff, Elon Musk launched an unsolicited $44 billion bid for the social networking site in April.
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Elon Musk claimed he wanted to make Twitter a private firm and enable people to discuss more freely potential layoffs on the service in the morning, according to CNN.
In a letter to advertisers on Thursday, Musk gave an explanation of why he decided to purchase Twitter. He said that in his perspective, the “future of civilization must have a common digital town square, where a wide range of opinions may be disputed in a healthy manner.”
He packed the business up with $13 billion in debt to pay for his Twitter transaction, making it liable for paying more than $1 billion in interest per year.
Elon Musk announces Friday’s start date for Twitter’s mass layoffs.
The social media platform’s workforce will be drastically reduced as a result of Elon Musk’s mass layoffs, Twitter announced in an email to staff on Thursday.
On Friday, an email will be sent to every employee, according to the letter. Those who will keep their jobs will receive an email to their work account, while those who will be let go will get one to their personal account. It was advised to staff members not to share “sensitive company information” with the media or on social media.
Musk’s job cuts are part of a larger initiative to turn the firm profitable after buying it for $44 billion, a figure he acknowledged was “overpaying.” Musk contributed almost $13 billion in loans and his own money to close the deal, which he is now under pressure to repay.
Ned Segal, the chief financial officer, and Parag Agrawal, the CEO of Twitter who succeeded Jack Dorsey, were both present at the time and were escorted out of the building by security, according to Reuters. The company’s director of policy, Vijaya Gadde, whom Musk had publicly attacked, was also fired. The general counsel, Sean Edgett, has also left.
Just days after taking over as CEO of the business he paid $44 billion for, Musk was rumored to fire up to 50% of Twitter’s workers. Given that the company had more than 7,000 employees at the end of 2021, this could result in the loss of thousands of jobs.
In an email to staff members, Twitter announced that all badge access and office closure would be temporary measures taken “to help protect the safety of each employee as well as Twitter systems and user data.”
After Elon Musk’s takeover, the social media giant promises to let its employees know if they are still employed.
Employees are tweeting their departure with the hashtag #LoveWhereYouWorked and a saluting emoji. Working for Twitter was “the greatest privilege ever,” according to Yash Agrawal, a public policy specialist.
Twitter is being Sued by Former Employees as Elon Musk Starts Mass Firings:
Former workers who claim they were not given sufficient notice that they had lost their jobs as required by US federal law after being locked out of their work accounts on Thursday have filed a class action complaint against Twitter.
Elon Musk has been actively implementing changes to the social media company since his acquisition of Twitter was finalized on October 28. Musk has stated his plan to impose a lot of policy changes in addition to removing key executives, including CEO Parag Agrawal.
Musk, who has previously referred to himself as a “free speech absolutist,” has come under increasing pressure to unban or restore a number of accounts. A Christian-conservative satire news site called Babylon Bee has one of these accounts, which Musk is believed to have contacted after the site’s suspension from Twitter in March. The next month, Musk formally offered to purchase Twitter.
Staff members were advised via a company-wide message on Thursday that they would be notified via email to their personal accounts if they were let go as part of the platform’s mass firings, which may affect up to half the workforce.
Before those emails showed up, a large number of employees started tweeting about being let go after realizing they could no longer access their work email accounts or get onto their work laptops.
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