$TWTR: Documents detail plans to gut Twitter’s workforce

Twitter’s workforce is likely to be hit with massive cuts in the coming months, no matter who owns the company, interviews and documents obtained by The Washington Post show, a change likely to have major impact on its ability to control harmful content and prevent data security crises.musks-ventures-including-twitter-deal-report 11666324246\

Elon Musk told prospective investors in his deal to buy the company that he planned to get rid of nearly 75 percent of Twitter’s 7,500 workers, whittling the company down to a skeleton staff of just over 2,000.

Even if Musk’s Twitter deal falls through — and there’s little indication now that it will — big cuts are expected: Twitter’s current management planned to pare the company’s payroll by about $800 million by the end of next year, a number that would mean the departure of nearly a quarter of the workforce, according to corporate documents and interviews with people familiar with the company’s deliberations. The company also planned to make major cuts to its infrastructure, including data centers that keep the site functioning for more than 200 million users that log on each day.

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What a mess at Twitter. I’ve noticed more bot interference the past two weeks and some of the best people who used to post there have upped and left.

This “deal” will be dissected in Business Schools for years to come.

Twitter looking more and more like MySpace before Facebook came in and turned over the MySpace breakfast table.

If Trump does come back to Twitter, there will be people willing to light Elon’s Molotov Cocktail to toss at the Authoritarians celebrating “free speech” on Twitter.

The extent of the cuts, which have not been previously reported, help explain why Twitter officials were eager to sell to Musk: Musk’s $44 billion bid, though hostile, is a golden ticket for the struggling company — potentially helping its leadership avoid painful announcements that would have demoralized the staff and possibly crippled the service’s ability to combat misinformation, hate speech and spam.

The impact of such layoffs would likely be immediately felt by millions of users, said Edwin Chen, a data scientist formerly in charge of Twitter’s spam and health metrics and now CEO of the content-moderation start-up Surge AI. He said that while he believed Twitter was overstaffed, the cuts Musk proposed were “unimaginable” and would put Twitter’s users at risk of hacks and exposure to offensive material such as child pornography.

“It would be a cascading effect,” he said, “where you’d have services going down and the people remaining not having the institutional knowledge to get them back up, and being completely demoralized and wanting to leave themselves.”

Adding this earlier post to this growing look at Twitter:

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Matt Levine of Bloomberg left an OP comment that has woken up Twitter, be you short/long $TWTR or $TSLA.

Just read the comments underneath Levine’s OP.

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:pushpin: Elon Musk could have to sell up to $10 billion in Tesla stock next week to complete his Twitter buyout, according to Dav Ives of Wedbush.

:pushpin: “The more investors that bail on this deal is the more money that Musk needs to contribute and therefore sell more Tesla stock,” Ives said.

:pushpin: Ives called Musk’s $44 billion deal for Twitter a “train wreck.”

End of week look at $TSLA daily, weekly, and monthly charts: