The world’s richest man has been open about his intentions to make changes at the dominant social media company ever before he first made an approach to purchase Twitter. He has so far cheerfully fired workers who he believes are in conflict with his beliefs of free speech and enraged liberals with tweets.
Four executives were let go by Musk soon after he took control of the business. Musk fired them all “for cause,” however it is unclear why he made the decision. Former CEO Parag Agrawal was due to collect up to $60 million alone. When he took over on Thursday, the Tesla and SpaceX executive quickly ousted the social media company’s CEO, chief financial officer, head of legal, and general counsel.
According to a regulatory filing, Twitter had over 7,000 workers at the end of 2021, with roughly 2,000 people making up a quarter of the total.
Following his $44 billion acquisition, Elon Musk intends to discharge a quarter of Twitter’s workers in his initial round of layoffs, according to sources. The discussions about the job cuts were overseen by celebrity attorney Alex Spiro, a longtime Musk legal counsel, according to the Washington Post.
The source told the Post that the initial round of layoffs will affect practically every department, with a focus on marketing, product, technology, legal, and trust and safety in the coming days.
Musk refuted a New York Times claim regarding firing Twitter staff before tomorrow, November 1st, in order to dodge stock grants that are due on that day. Musk also disputed rumors that he would fire workers before they received the stock grants that would have been their pay on November 1.
— Eric Umansky (@ericuman) October 29, 2022
This is fake – I did *not* tweet out a link to The New York Times! pic.twitter.com/d6V6m5ATW2
— Elon Musk (@elonmusk) October 31, 2022
Musk apparently gave the developers of the social media company less than a week to redesign Twitter’s authentication mechanism or face being fired.
@sriramk any chance in helping with verification? Denied some 4-5 times despite large following and working to share spaceflight/rocket launches to the masses via my photography. Published in a plethora of huge outlets but Twitter doesn’t seem to care! https://t.co/efL1l1H2d9
— John Kraus (@johnkrausphotos) October 30, 2022
On Twitter, there are around 400,000 verified users. Having them pay may help the platform remain solvent in light of claims that only 10% of monthly users are “heavy tweeters” and that bots make up 5% of all users.
Less engaged users mean fewer potential customers for advertisers. Musk himself asserted during the legal struggle to buy Twitter that the vast majority of advertisements are visible to no more than 16 million users.
Musk intends to introduce a verification system that is pay-for-play and will cost verified customers $20 a month, according to a report from The Verge.
According to the Verge story, the cost of the verification is liable to fluctuate. The cost will also include as-yet-unidentified other features. Earlier, Casey Newton of the tech website Platformer said that Twitter was considering charging verified users for the privilege.
More on this story via The Republic Brief:
The problem is that engineers have until November 7 to launch the scheme or face being fired. Employees were only told of the project on October 30. Hours before The Verge report emerged, Musk tweeted: ‘The whole verification process is being revamped right now.’
DailyMail.com has asked Twitter for comment on this story.
Jumping in to his new acquisition with both feet, Musk has been firing off on other matters as well. He had written in a message to advertisers on Thursday that while he wants the social media giant to become a ‘digital town square’ it ‘obviously cannot become a free-for-all hellscape, where anything can be said with no consequences’. CONTINUE READING…