All eyes are on what Tesla CEO Elon Musk is going to do now that he’s purchased Twitter in a $44 billion deal. However, when bankers asked Musk what his plan of action is, Musk reportedly stated that job cuts and new ways to monetize the platform were priorities.
According to Bloomberg, Musk sat down with a team of bankers for a call to talk about initial steps to generate financial returns at Twitter. Musk’s plans are not said to be entirely concrete. However, even though the new Twitter owner had no access to non-public financials at the time, a topic of conversation was job cuts. The anonymous source claims that no specific department or positions were a target during the conversation.
In addition, Musk is apparently mulling over the idea of potential subscription services to drive recurring revenue and boost cash flow. However, from a public perspective, Musk hasn’t been shown to be eager about the financials. “I don’t care about the economics at all,” Musk said at a TED conference following his bid for Twitter.
Musk is also said to have reiterated his desire to boost usage from influencers and celebrities. Earlier this month, Musk posed the question, “Is Twitter Dying?” when pointing out that most of the top followed accounts “rarely and post very little content.” Musk used Taylor Swift as an example in that the musician’s account hasn’t posted in three months yet sits at the sixth spot with 90.3 million followers.
It still remains to be seen what Musk will do to Twitter for better or worse. Once Musk’s $54.20-per-share transaction closes, Twitter will be privately held.
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Musk reportedly stated that job cuts and new ways to monetize the platform were priorities
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Apparently Musk’s version of “free speech” comes with a price tag attached.
It’s not his version of free speech. It is him stating he will remove barriers that are currently present to ensure people are able to exercise the right they have been given to free speech.
Him addressing financial issues is probably not directly related to addressing the free speech issues.
A lot of people have been conditioned to think speech must be limited. They confuse legal restrictions on speech, such as slander, with speech that hurts someone’s feelings or goes against their position or “misinformation”. They honestly think these are equivalent. Hence they end up with someone’s “version” of free speech.
It’s weird, but we have an entire generation that demands to have someone else restricting what they are allowed to say. Heck, they even think they need someone to tell them what to think.
Sad
Twitter has been a money loser, has been losing users for along while and has recently admitted to inflating user numbers (which helped slow the loss of ad revenue). Cutting costs and increasing revenue are sort of necessary if twitter is to be a sustainable business and not just a money losing political propaganda machine.
Musk is a pretty successful business person. Was anyone really foolish enough to think he bought twitter to run it as a money losing charity?
along while ?
or
awhile ?
you certainly picked the sword you wanna die on.
A long while.
I think it was 2-3 years ago that they stopped reporting on monthly users after reporting 3-4 consecutive quarters of declining monthly users. Their latest results show they are still losing money, which is hard to do in this industry. They aren’t being run well.
Considering all the top executives at Twitter take home multi-million dollar salaries. Plus they pay their 7.5 thousand employees good salaries as well. Not to mention they have 14.6 billion in assets for Twitter. They are making money, and Twitter brought in 5.08 billion in 2021.
The real problem is Twitter is used by scrupulous groups, terrorists, and individuals. Yet Twitter will ban some users for tweeting something about covid, or they will stop or remove tweets from members of the republican party in the US, but won’t touch any tweets from any of the democrat members. I hope all the top brass get fired at twitter. At least now Twitter should be a free speech platform under Elon.
Um, that’s part of the problem. If they bring in huge revenues but still report a loss, then their expenses are too high relative to their revenue. I would agree, their execs are massively over paid. Just their top lawyer makes almost $15m/year. If they are paying their staff more than they can afford, then either have too many employees or they’re paying them too much.
A well run company makes money. In the software/services industry, margins are generally very high, yet somehow twitter manages to lose money on billions in revenue.
At least Twitter will now become a platform for free speech under Elon. Twitter was not about free speech in its current state, especially since Twitter would allow terrorist groups, like ISIS, the Talibhan, and many others scrupulous individuals, or groups on Twitters platform, but would ban, or remove tweets or accounts that they didn’t like on Twitter. Look what happened to Trump, as well as some other Republican party members. Yet Twitter didn’t touch, or remove any of the Democrat party members, or their tweets. Free speech has to be both ways, and the Tweeter head honchos need to be canned at Twitter..