Elon Musk plans to make money from Twitter and discussed possible layoffs

Elon Musk considered the possibility of downsizing on twitter as one of the measures to make the company profitable after its takeover, according to a new report by Bloomberg. The tycoon, who clarified that the objective of acquiring the entire platform was not the economy, but to make the social network a place where “freedom of expression” prevailed, spoke with bankers different options to “generate financial returns”. and also detailed his plans to monetize the social network.

Talks with bankers came days before Twitter’s board accepted Elon Musk’s proposal, which eventually took over the entire company for $44 billion. The CEO, also of Tesla and SpaceX, was looking for a way to fund the multi-million dollar bid, and emphasized laying off staff as a way to create “efficiencies” on Twitter, as confirmed by anonymous sources to Washington Post. There are no details on which posts might be affected.

Elon Musk, for his part, offered some ideas to monetize the platform, such as paying “influencers” to create content. He further suggested the ability to create subscription services on the social network “to boost recurring revenue”, says Bloomberg. Musk also revealed plans to save about $3 million a year by scrapping Twitter’s board, which currently has 11 members.

More concerns for Twitter employees

News of Elon Musk’s intention to cut staff to make a profit from the Twitter purchase could heighten employee concerns. They were indeed worried about possible future changes for the worse that the tycoon could bring once he takes the reins of the company. Yes OK Parag Agrawalcurrent CEO of Twitter, confirmed to his employees that “for now” there would be no layoffs, it is clear that the situation could change in the coming months.

Elon Musk, for his part, clarified during a TED appearance that his interest in Twitter has nothing to do with economics. “It’s not a way to make money. My strong intuitive feeling is that having a broadly inclusive and highly trusted public platform is extremely important to the future of civilization,” a- he said at the conference. The entrepreneur has indeed revealed some of the changes he wants to make to the platform. At the moment, none of them have to do with earning an income.