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Tuesday, July 23, 2024

Elon Musk Says Twitter set to become One of World’s Most Valuable Companies

MOSCOW – Billionaire entrepreneur Elon Musk said on Friday that Twitter, which he recently acquired, could become one of the most valuable companies in the world.

Musk said earlier on Friday that Twitter has suffered a massive slump in revenue due to activist groups pressuring advertisers after he took over the social media network, criticizing it as an attempt to “destroy free speech in America.”

“I think there is a tremendous amount of potential … and I think it [Twitter] could be one of the most valuable companies in the world,” .

MUSK SAID IN AN INTERVIEW AT AN INVESTOR CONFERENCE IN NEW YORK

US media reported on Friday that Musk began laying off Twitter workers. Musk tweeted that the company has no other choice but to reduce Twitter’s force since the company is losing money.

“Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” Musk said on Twitter, adding that “everyone exited was offered 3 months of severance, which is 50% more than legally required.”

Musk closed a $44 billion deal to purchase Twitter on October 28 after months of negotiations and legal disputes with the company about the number of fake accounts on the social media platform, which the entrepreneur believed was much higher than the company reported.

After completing the acquisition of the social media network, Musk fired Chief Executive Officer Parag Agrawal, Chief Financial Officer Ned Segal, and Chief Legal Officer Vijaya Gadde. The US billionaire also said that a special council “with widely diverse viewpoints” would be set up to moderate the platform.

On Monday, various America media reported that Musk planned to lay off 25% of the Twitter workforce in an initial round of cuts after the takeover. Prior to this, the media outlet reported, citing corporate documents, that the entrepreneur intended to fire 75% of Twitter employees, but Musk denied the reports.

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