Elon Musk’s Plan for Twitter Include Job Cuts and Monetization Options
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.