The coffee shop at Twitter headquarters. Musk talks to developers on Twitter.
According to several media sources, the new owner of Twitter, Elon Musk, is preparing a large-scale staff reduction in the company. Teams of developers and engineers will be minimally affected by this event. Musk has already instructed lawyers to begin compiling lists for dismissal and to intensify this process in the near future.
Experts believe that some inefficient Twitter units may lose up to half of their employees or be eliminated altogether. At the first stage of cleaning the staff of the company, the layoffs will affect the legal departments and areas responsible for content moderation. The heads of these departments received notifications about the need to draw up lists of employees for reduction. The layoffs are expected to begin next week after employees are paid they received earlier for the company's shares. including those awarded to employees as bonuses through the stock rewards program.
Taking Twitter private gives Musk a number of benefits. For example, Twitter will not have to publish reports, the platform will receive less attention from regulators. On the other hand, Musk will be able to control the management of the company in a closed and uncompromising manner, and he will not need to take into account the interests of investors. In fact, Musk can completely change Twitter, including restructuring the platform's content rules, its finances and priorities, without paying attention to regulators and investors.
Twitter has seen a big drain since the beginning of the year, including engineers and developers, due to the fact that the company has cut costs and is going to cut the payroll by 25% or more in 2023.
It is noteworthy that Musk brought developers from Tesla with him to Twitter to check the current situation with the source code of the platform and communicate with colleagues from Twitter who are responsible for its development. Some of the developers of the social network took this situation very seriously and began to bring printouts with the source code of their recent work to such closed meetings.
On October 28, 2022, Elon Musk officially bought Twitter for $44 billion. The PayPal co-founder, owner of Tesla and SpaceX, did so six months after his initial offer to buy the platform.
As the first act, Musk, as the head of the new company, tweeted “the bird is free” (the bird is freed) and fired the entire management of the platform, including CEO Parag Agrawal (he has been with the company since 2021, took over from founder Jack Dorsey), financial director Ned Segal (he has been with the company since 2017), director of client relations Sarah Personette, head of legal policy Vijay Gadde and chief legal adviser Sean Edgett (he has been with the company since 2012).
The media also reported that Twitter has begun the process of delisting and will become a private company, the board of directors will be dissolved. The new leadership will feature Musk in the role of executive CEO and a completely revamped board of directors of close Musk colleagues and project investors.
On October 29, Musk announced that Twitter would form a content moderation board with a wide variety of viewpoints. Until this council is convened, no major decisions will be made on the social network regarding the maintenance or recovery of deleted accounts. Musk assured that no new changes to Twitter's content moderation policy have been adopted, and all transformations on the platform are still in the plans.
Amid a change in leadership and Major advertisers have suspended work with Twitter,
On October 21, the media revealed Musk's plans to transform Twitter. If the deal is closed, the platform will face dramatic changes: layoffs of 75% of the staff, optimization of the bloated IT infrastructure and a significant reduction in the company's costs. The leadership of Twitter itself planned this, but to a lesser extent.
On October 26, at a meeting with Twitter employees, Musk promised not to fire 75% of the company's staff.