The Ever Evolving Musical Chairs Of Social Platforms
Heads are about to roll at Twitter if the latest news from theverge.com is correct. However, considering all the confusion that has been surrounding this mega deal for the last six months, any news about Twitter and tech titan Elon Musk must be taken with a grain of salt.
About 7,500 people currently work at Twitter — and 75 percent of them can expect to lose their jobs, The Washington Post reports. Musk, who is acquiring the company, has been telling prospective investors that he plans drastic firings to bring down costs.
His deadline to close the acquisition of Twitter is October 28. As part of the transition, Twitter froze its employees’ equity awards, Bloomberg reported. Anonymous sources tell The Post that the deal is moving forward in good faith.
Twitter management had already planned to fire a quarter of the workforce to reduce payroll by $800 million.
Musk’s planned cuts, which are larger, are “unimaginable,” the former head of Twitter’s spam and health metrics told The Post. Users would likely notice immediately — as Twitter is likely to experience more hacks, for instance. Musk plans to implement stack ranking, the practice famously ended at Microsoft in 2013 because it contributed to a bad culture, to shrink headcount.
Musk has said he is “obviously overpaying” for Twitter, and a general partner at one of the firms involved in the deal told Business Insider that
“We’re all trying to get out of it, to be honest.” The plan is to double revenue in three years, The Post says Musk told investors, without explaining how that will happen.
A lot of other news regarding social platforms has been grim. The Truth Social site is owned or at least somehow involved Donald Trump. The news about his manipulation of the platform from the inside has raised eyebrows with the government agencies that oversee such businesses.
And the news of Kanye West buying Parler was summed up this way on Twitter:
He is buying a platform with very few users and turning it into a platform with fewer users and Kanye.
We aren’t even going to mention all the turmoil over at Meta for now. Social media is in a correcting phase, but with Mush involved, it might also be in a new technology phase.
read more at theverge.com