The richest billionaire in the world, Elon Musk, is making new changes on Twitter. As soon as Elon Musk became the CEO of Twitter, he made a lot of changes to the platform. His new actions on Twitter are making employees go wild. The analytics are criticizing him for his new beginning on the platform.
Musk stated there is a loss of $4 million (USD) per day on Twitter. He noticed that popular corporate companies have stopped advertising on the platform, even though nothing has changed with content moderation on Twitter. As per the reports, the platform earns 90% of the company’s revenue from advertisers.
It led Musk to make the huge decision to remove half of the workforce from the platform. He removed 50% of the employees from the company for further growth. He noted some of the employees are unnecessary for the entity, so he sent mail to the employees who were terminated from their roles.
“To help ensure the safety of each employee as well as Twitter systems and customer data, our offices will be temporarily closed and all badge access will be suspended. “If you are in an office or on your way to an office, please return home.”
The employees went against Musk’s decision. They filed a lawsuit against Musk for violating the federal law called the “Work Adjustment and Retraining Notification (WARN) Act,” which governs notice of employment termination.
In previous times, Musk mentioned that he wanted to make profits from Twitter, not losses. He is going to charge $8 (USD) for users who want to get a blue tick for their accounts. At first, he is going to charge $20 (USD), but users are against this decision. So he decided to lower the price.
“I think there is a fundamental misunderstanding of how verification is supposed to work. “A blue check has been perceived as a status symbol for some time when really it’s just supposed to tell you if a page is authentic or not.”
Musk’s superior position has aided the DOGE in increasing its growth rate. He promoted Dogecoin in various ways, like with his tweets and by posting and promoting various memes about Dogecoin on social media like Twitter. On February 4, 2021, a tweet by Elon Musk created a huge impact on the Doge market i.e “Dogecoin is the people’s growth.”
Source: https://www.thecoinrepublic.com/2022/11/06/in-a-new-business-strategy-by-elon-musk-50-of-employees-lost-their-jobs-on-twitter/