esla CEO Elon Musk promised finance partners he’d slash costs, juice revenues and bring in new leadership in order to secure the funding to back his $44 billion acquisition of Twitter earlier this month.More details are now emerging, including allegations that Musk is mulling layoffs when he takes over the company, a plan that has caused concern among Twitter's 7,000 employees and sparked suspicions of a mass departure when the new CEO comes over.What we know so far: While Musk's Twitter transaction won't be finalized until investors and authorities approve it, Reuter's says Musk has hired a new CEO for the company, though the source refuses to reveal who that person is. Musk has expressed his dissatisfaction with current Twitter CEO Parag Agrawal, who took over when co-founder Jack Dorsey stepped down in November.
Musk also told his business partners that in order to save money, he would reduce executive pay and look for new methods to monetize the platform.
According to Yahoo Finance, such new revenue streams might include paying social media influencers for their material, an approach that has worked on other platforms such as video-sharing site TikTok. According to Reuters, Musk is also researching on ways to monetise tweets that become viral or contain important information. He also offered to financing partners that third-party websites quote or embed verified accounts' tweets for a charge.
Is there a workers' rebellion on the horizon? According to a Bloomberg News article, Musk may use job cutbacks to decrease costs at Twitter if he takes over. Musk apparently won't make any decisions about layoffs until he owns the company.
However, the qualified news has enraged Twitter staff, who are already working in an uneasy atmosphere, with Musk poised to take over but still reporting to current executives who appear to be lame-duck decision-makers.
According to Reuters, Agrawal attempted to calm staff rage during a companywide meeting on Friday, as employees demanded answers on how managers planned to handle a mass exodus sparked by Musk.
Executives said the business will monitor staff attrition daily, but it was too early to say how the buyout deal with Musk would influence staff retention, according to the internal town hall meeting, which was heard by Reuters.
"I've had enough of hearing about shareholder value and fiduciary responsibility. What are your candid opinions on the high chance that many staff will lose their jobs once the deal is completed?" In a question read aloud at the meeting, a Twitter employee asked Agrawal.
Employees also expressed concern to executives that Musk's unpredictable behavior might destabilize Twitter's business and harm the company financially as the company prepares to face the advertising world in New York City next week, according to Reuters.
One employee inquired, "Do we have a near-term strategy for dealing with advertisers pulling investment?"
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