Good day all. Now that Elon Musk has decided to go through with the purchase of Twitter, rumors on what will happen next abound. The latest one is that Musk intends to lay off some 75% of the twitter employees.
The on/off/on again of the sale of Twitter has been driving the moonbats even battier then usual. When it was first announced that Musk was going to take Twitter private, the screams from the employees were a thing to behold. There was also another interesting thing that happened. A number of suspended accounts, almost all conservative, were reactivated.
When Elon Musk tried to walk away when he figured out that Twitter’s management was “Juicing the numbers” with regards to bots, aside from the court fight, those accounts were suddenly suspended again. Now the deal is going through and once again the little Twitlers are panicking, and this time they may have good reason. The latest reports are that Musk plans to lay off about 75% of the current Twitter staff. Here are some of the details from the Daily Wire:
Tesla and SpaceX CEO Elon Musk is planning to let go almost 75% of Twitter’s 7,500 employees upon closing a deal with the company to become its sole owner, The Washington Post reported Thursday, October 20th.
The drastic move would follow public statements from Musk that the company was overstaffed, cutting Twitter down to little more than 2,000 employees in a bid to increase the company’s profitability, according to the Post, citing documents that were not publicly available.
One thing about the Washington ComPost, they aren’t noted these days for little things like accuracy, reliability or honesty. One of their favorite games is to cite “Anonymous sources” or “Documents not publicly available.” In other words, they have been shown in the past to just make things up, hence the name “Provider of the best fake news money can buy.”
Former employees and financial experts expressed concerns that replacing the lost employees would be a difficult task, and that cuts of that magnitude could significantly damage the platform’s ability to moderate illegal or otherwise harmful activity on the platform.
So most of the layoffs are going to be those who just act as censors for any idea that isn’t part of the Progressive Liberal worldview? In other words, Musk is going to fire all the moonbats and anti-free speech Fascists? I don’t see a problem here.
The alleged cuts are “unimaginable” to former Twitter data scientist Edwin Chen, who was responsible for managing spam and health metrics, according to the Post. While Chen agreed with Musk that the company needs to downsize, he believes such a significant reduction in staff could expose Twitter users to hackers and harmful material like child pornography.
I do agree that they need to go after kiddie diddlers, and I don’t see Musk doing anything to block that. The issue is that most of what gets blocked by Twitter isn’t illegal. It just frightens the precious snowflakes and intrudes into their safe space. I suspect those are the ones who are going to be bounced, not those going after actual criminals.
“It would be a cascading effect,” Chen told the Post, “where you’d have services going down and the people remaining not having the institutional knowledge to get them back up, and being completely demoralized and wanting to leave themselves.”
This bozo is assuming that Musk and the management team he puts in place are going to look at just salaries and not at actual job descriptions and what people actually do at Twitter. I have worked for a company that thought this way, and they were a classic case in how not to do layoffs. (They almost went out of business)
Nell Minnow, corporate governance expert and vice chair of ValueEdge Advisors, told the Post that she believed Musk was showing off aggressive plans to attract investors, but that actually enacting that plan would be difficult. It would be necessary for Musk to demonstrate that he had a plan for what the company would do after making those cuts, she told the outlet.
First things first. If Musk is taking the company private, then he doesn’t have to answer to shareholders or Wall street. Second, you’re assuming that as soon as the keys are handed over to Musk, he’s going to come in and start firing people. (He is, but not all of them at once. First to go will be the old management team)
Third, there is also the issue of what’s in the books. There have been rumors that Twitter’s board and management team, going back to Jack Dorsey, may have been cooking the books for a long time. It’s going to take Musk’s management team some time to go through everything. I don’t expect major layoffs until at least one quarter after Musk takes over.
The company, which has long struggled to be as profitable as other tech giants, was already planning a significant staff reduction, the Post reported. However, the $800 million reduction in payroll expenses currently planned would have resulted in cutting just 25% of workers.
There are a few reasons why a company is planning to cut a quarter of it’s workforce. One is that they are way overstaffed in the first place, and have a lot of people who are being paid with not a lot to do, or the company is in really big trouble financially and sees terminating 25% of the employees as their only way to stay afloat. When Twitter’s management was making these decisions, the company had to answer to it’s shareholders. Under Musk? Not at all.
“Although, obviously, myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value,” said Musk in a third-quarter earnings call for Tesla on Thursday, according to Yahoo Finance.
That is one of the reasons Musk wanted to back out of the deal. It’s turning out that Twitter isn’t worth what they have been saying they were and may never have been. As you may recall, there was a lot of news regarding Twitter not providing all the information that Musk’s team needed to properly value the company and the deal.
It will be interesting to see what Musk and his accountants discover once they have full access to the books. It isn’t beyond the realm of possibility that the current Twitter Management, along with Jack Dorsey, might have some interesting and pointed questions put to them. Under Sarbannes-Oxley, they have to swear under penalty of law that what they’ve been reporting is the truth. If they have been making things up, Enron style?
In any case, this is just a report initiated by the Washington Compost with no actual proof that Musk intends to lay off 75% of the employees. As it is, a lot of these worthless worthies are going to quit in a huff since they’re not going to be able to censor Conservatives and anyone who posts things they don’t like.
That is something that Musk and his team should encourage. If people quit, they don’t get any severance packages or unemployment. With the economy heading into the dumper, these losers will have a tough time finding new jobs. Well, perhaps they can learn to dig coal.
Thatisall
~The Angry Webmaster~
