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Twitter closes its offices before a wave of layoffs - Business

Twitter closes its offices before a wave of layoffs – Business

Acquired by Elon Musk last week, Twitter closes its offices on Friday ahead of a global wave of layoffs, which could see its payroll halved.

“To help ensure the safety of every employee and that of Twitter’s systems and data, our offices will be temporarily closed and all badge access will be suspended“, said the Californian company Thursday in an internal email seen by AFP.

The message tells employees that they will be informed by email whether their job is terminated or notwithout specifying the number of posts concerned.

According to the Washington Post, Mr. Musk planned to thank about 50% of the group’s approximately 7,500 employees. As soon as he took power, he had dissolved the board of directors and fired the general manager and other senior officials.

To finance his takeover at 44 billion dollars, the billionaire entrepreneur heavily indebted the company whose financial health was already fragile since it recorded a significant deficit in the first two quarters of the year. Mr. Musk thus contracted loans amounting to 13 billion dollarswhich will have to be reimbursed by Twitter and not by the boss of Tesla.

He also sold about $15.5 billion of his shares in the electric car maker in two waves, in April and August, and backed loans worth $12.5 billion to his Tesla securities.

A subscription at 8 euros

One of the main ideas put forward by Mr. Musk to generate income is an $8 per month subscription allowing users to have their account certifiedto be less exposed to advertising and to benefit from various advantages.

This project has aroused much criticism and caution, especially among users who already have an authenticated account.

Mr. Musk must also deal with the concern of advertisers, who are wondering about the risks of a relaxation of content moderation.

Several groups have already decided to suspend advertising spending on Twitter, including the American agribusiness giant General Mills, the American car manufacturer General Motors and its German competitor Volkswagen.

“Having Twitter announced the revision of its guidelines related to brand safety, the Volkswagen Group has recommended that its brands suspend their paid activities on the platform until further notice”, confirmed to AFP on Friday. Wolfsburg group.

“To help ensure the safety of each employee and that of Twitter’s systems and data, our offices will be temporarily closed and all badge access will be suspended,” the California-based company said Thursday in an internal email seen by the company. ‘AFP. The message tells employees that they will be notified by email whether or not their jobs are cut, without specifying the number of positions affected. According to the Washington Post, Mr. Musk planned to lay off about 50% of the approximately 7,500 employees of the group. As soon as he took power, he had dissolved the board of directors and fired the general manager as well as other senior officials. To finance his $44 billion takeover, the billionaire entrepreneur heavily indebted the company whose financial health was already fragile since it recorded a significant deficit in the first two quarters of the year. Mr. Musk has thus contracted loans amounting to 13 billion dollars, which will have to be repaid by Twitter and not by the boss of Tesla. He also sold about 15.5 billion dollars of his shares in the manufacturer of electric cars in two waves, in April and August, and backed loans worth $12.5 billion to its Tesla securities. subscription at 8 dollars per month allowing users to have their account certified, to be less exposed to advertising and to benefit from various advantages. This project has aroused much criticism and caution, especially among users already benefiting an authenticated account.Mr. Musk must also deal with the concern of advertisers, who are wondering about the risks of a relaxation of content moderation. Several groups have already decided to suspend their advertising expenditure on Twitter, including the American giant of agribusiness. -industry General Mills, the American car manufacturer General Motors and its German competitor Volkswagen. form until further notice,” the Wolfsburg group confirmed to AFP on Friday.

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