General Motors and Volkswagen Group already announced that they will cease advertising. These repercussions will likely continue.
Musk tweeted Friday that Twitter’s revenue had dropped by a lot due to activist pressure from advertisers. He reiterated that nothing has changed with the company’s moderation policies — or how it operates the platform for anti-rule content.
“Too messed up! They want to take away freedom of expression in America.
Musk, according to former employees and current employees, has instilled a culture fear in his new company. As a tough leader, Musk aims to unlock Twitter’s moneymaking potential once and forever. Musk stated that he wanted the company to be a public company. Responsible for the blue check marksThe employees work hard New plan for paywalled videos. Advertisers catch a coldMany are worried about the possible consequences of the midterm election.
Musk is facing severe financial pressure because of the acquisition of a website he admitted to overpaying. Analysts place his value at $25 billion, which is well below the $44 Billion Musk and his investors offered. It is likely that owe a billion dollarsAfter taking out a large amount of loan to pay it off, you will only be paying annual interest.
His first round of layoffs affected all departments, including sales, engineering and products. About half of the employees who were victims of Musk’s debt financing purchase of the site were expected to be laid off. This will likely to add to the company’s financial burden, which the new CEO will have to address quickly.
Twitter’s communications staff, which handles the company’s public relations and media — as well as messages to employees — were decimated to be of just two people, according to a person familiar with the cuts, who spoke on condition of anonymity because they weren’t. Authorized to speak publicly.
According to an employee who spoke about the same situation, the cuts were initially less than expected. This was based on conversations with other employees. Twitter makes its most money by selling ad spaces.
“It didn’t make sense to fire the revenue-producing employees,” this person said.
It was an early sign of Musk’s priorities in his new company.
Twitter and Musk have not responded to requests for comment about the layoffs.
Speaking at Barron’s annual investment conference in New York on Friday, Musk laid out plans to improve Twitter’s service, including setting up different user experiences — using the analogy of “easy listening smooth jazz” to “heavy metal.”
“You should be able to pick your preference and decide if you want some kind of full contact battle or do you want to be, like, ‘No, I just want to look at the puppies and the flowers and the beautiful landscapes and things,’ he said.
Musk also addressed growing concerns about content modification.
He stated that Twitter would be a better system if it was made clear. “I mean it makes sense that if the social media company doesn’t take steps to make being on that social platform a positive thing, people won’t come or leave.”
Musk, who expressed his desire for freedom to express himself on Twitter, stated that hate speech such as racism and anti-Semitism would keep people away, regardless if they are inherently wrong. He also suggested that Twitter should take steps towards making it a positive place to spend your time.
Musk, a notoriously difficult boss, was set to lead the company with the announcement of layoffs on Thursday night. His tenure began last week, with the firings of top executives. The turmoil continued on Friday with job losses. All of this happened before Musk was able to officially present himself as the president via email or City Hall. One of these was cancelled earlier in the week.
“We acknowledge that it has been a very difficult experience, regardless of whether or not you are affected,” said Thursday’s email, which was the first company-wide acknowledgement of the new system. It was signed by “Twitter”.
The workers were informed they would receive an e-mail by 9 a.m. PT. It would include the subject line: “Your turn on Twitter.” A notification will be sent to their email if they are not picked up. If they are not discarded, they will be notified by email.
Employees simply wanted to know their fate, regardless of whether jobs were lost, said one of those laid off workers. He spoke anonymously out of fear of retribution.
According to this person, this company “isn’t what we all share in common.” The new environment was described by the person as “cruel and poisonous” and “full of Dion Elon’s pockets.”
The repercussions came quickly. In protest of Musk’s decision to lay off dozens more employees, a coalition of over 50 civil rights organizations urged major advertisers not to spend on Twitter marketing. They claimed that Musk would be less willing and able to monitor its platform.
The NAACP was part of the alliance, and its president and CEO Derek Johnson claimed that he met Elon Tesla on Tuesday.
“When we met with Elon Musk, he made pledges that gave us cautious optimism, but until action is taken to make Twitter a safe space, companies in good conscience cannot put their money behind Twitter,” Johnson said in a statement. “Twitter must win advertisers by creating a platform to protect our democracy and eliminate any account or content that spread hate and disinformation.”
Maria Raynal, GM spokeswoman, stated in a statement that the company is working with Twitter to better understand its new direction.
“As it is in business dealing with major changes to a media platform, I have paused my paid advertising,” she explained. “It is important to us to ensure that our advertising strategies and data can be managed securely with a platform owned by a competitor.”
Volkswagen Group stated in a statement that they are closely monitoring the situation.
After a turbulent start, the relationship between the new Twitter owner and civil right groups has been called for a boycott. These groups have long been concerned about Musk’s early promises to ease content-modifying practices as well as reinstate former President Donald Trump. The organizations included large anti-tech and social justice groups, such as Color of Change and Free Press, Anti-Defamation League, among others.
During a conference call with reporters, they said Friday that they were increasing their previous request for advertisers to consider stepping down if Musk decreased the company’s moderation practice.
Employees described the week as anxious waiting for the final word on their employment status. The 7,500-strong company was gripped by a vacuum of information.
Workers said goodbye to each other on Thursday. Some tried to make it easy for employees to access their documents in case they were lost.
Heather Kelly and Gerrit de Fink contributed to the report.
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