Elon Musk buys Twitter: Speaking to employees of the newly acquired company, Elon Musk warned that the social network is likely to fail if the old business model is maintained.
In a face-to-face meeting after firing about half of Twitter’s workforce, the new boss announced to the rest of the staff that he had just saved the company when he sold Tesla stock to buy back Twitter.
The meeting took place on Nov. 10 at Twitter’s headquarters in San Francisco, Business Insider reported. Attendees will only receive one hour’s notice.
Previously, the world’s richest man had repeatedly sold billions of dollars worth of Tesla electric car company stock to raise $44 billion to acquire Twitter.
Additionally, Elon Musk has mobilized dozens of talented Tesla engineers to oversee the work on Twitter, bringing many close friends and allies to key executive positions.
The incident came after Elon Musk sent the first official email to all employees early in the morning. In it, the richest man on earth announces an end to remote work and warns that “the economy ahead is dire”.
Most of the questions at the meeting revolved around the problems mentioned in the emails and the recent mass layoffs. Elon Musk seemed annoyed when an employee questioned the reasons for ending working from home, asking him to sit down and explain how the company currently works.
Elon Musk was tough when asked about his plans for handling employee departures. “I don’t know how to answer this question, but it’s a tough one. A few highly motivated people will do better than a group of moderately motivated people. If you can’t work alone, you’ll do well. Than Twitter doesn’t For you,” the new boss announced.
Even when an employee asked about revenue growth plans, Musk declared Twitter’s current business model a failure, leading to the possibility of bankruptcy.
In an earlier email, the billionaire warned that the company might not survive the recession without lucrative revenue from users signing up for premium accounts. Musk wants to change the company’s business model so that it gets at least half of its revenue from this source and relies less on advertising.