Musk tells of risk of Twitter bankruptcy as tweeters trash brands
- Reference: 1668180661
- News link: https://www.theregister.co.uk/2022/11/11/musk_brands/
- Source link:
According to numerous reports, [1]including Bloomberg , the rocket and electric car tycoon took to a Twitter all-company meeting to tell them there was a risk of going bust if the company did not start to generate more cash.
Just two weeks after he took the 16-year-old micro-blogging platform private for $44 billion, Musk also said staff should brace for 80-hour work weeks, do without company-provided food and get used to working from the office.
[2]
"If you don't want to come, resignation accepted," he said, according to the report.
[3]
[4]
"We all need to be more hardcore," he apparently said in response to a question about the prospect of staff just… leaving.
Hardcore or not, a pattern has already been set by senior company figures. Yesterday, chief information security officer used the platform to [5]publicly quit her role .
[6]
Chief privacy officer Damien Kieran and chief compliance officer Marianne Fogarty soon followed, [7]according to reports .
The latter departure prompted to US Federal Trade Commission to issue a warning [8]saying it was "tracking the developments at Twitter with deep concern ."
Musk plans to help Twitter escape the gravitational pull of its cashflow blackhole with the introduction of a new blue checkmark scheme, under which anyone could pay $8 for the sought-after icon without ID verification. It replaces what he calls a legacy scheme, a way users used to be able to have their identity verified for free.
[9]
But the move threatens to cut off that other ad revenue — that other vital source of cash — as users used the new blue checkmark scheme to launch spoof accounts to parody, abuse or score political points against prominent brands and individuals.
Adding to former US president George Bush, former UK prime minister Tony Blair, and Nintendo's Mario, are now Lockheed Martin, doll brand American Girl, games platform Roblox, oil conglomerate BP, and pharma giant Eli Lilly, all compiled in one [10]helpful Twitter thread .
Quite what advertisers and potential ad buyers might think of having their brands trashed on the platform remains to be seen, but [11]Unilever, Coca-Cola and more have [12]already paused their spending .
[13]Tesla rival Rivian posts losses of $1.7b, with worse to come
[14]Twitter Chief Information Security Officer flies the coop
[15]Musk sows more Twitter chaos, now with Official policy snafu
[16]Musk sells $3.95 billion in Tesla shares, paid eleven times more for Twitter
As news outlet Quartz points out, Twitter generated 92 percent of its revenue from advertising in the first half of 2022. Musk's response to the ad-buyer's exodus has been to insult them, saying they don't support "free speech," and even threatening to publicly "name and shame" them. All this to an audience which has the whole internet, TV, radio and film through which it can reach a target audience.
Musk took Twitter private, avoiding the requirement for market scrutiny, and burdening it with $13 billion in debt. Now reports suggest banks are selling that on for 60 cents on the dollar, a red flag usually reserved for companies struggling with financial distress.
The billionaire previously revealed Twitter is [17]losing $4 million a day.
Maybe Twitter's new subscription schemes will be a wild success, but if this is what genius looks like, we’d hate to see what a dumb person would do. ®
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[1] https://www.bloomberg.com/news/articles/2022-11-10/musk-tells-twitter-staff-social-network-s-bankruptcy-is-possible
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2Y25-qWwuGYxKs7SuGTwRuAAAAFc&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Y25-qWwuGYxKs7SuGTwRuAAAAFc&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33Y25-qWwuGYxKs7SuGTwRuAAAAFc&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[5] https://twitter.com/LeaKissner/status/1590706305102381058
[6] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Y25-qWwuGYxKs7SuGTwRuAAAAFc&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[7] https://www.theguardian.com/technology/2022/nov/10/exodus-twitter-elon-musk-possible-bankruptcy
[8] https://www.washingtonpost.com/technology/2022/11/10/twitter-security-resignations/
[9] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33Y25-qWwuGYxKs7SuGTwRuAAAAFc&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[10] https://twitter.com/JoshuaPHilll/status/1590899514638229506
[11] https://www.theregister.com/2022/11/02/advertisers_twitter_concerns/
[12] https://www.theregister.com/2022/11/09/musk_sells_nearly_4_billion/
[13] https://www.theregister.com/2022/11/10/rivian_q3_losses/
[14] https://www.theregister.com/2022/11/10/twitter_ciso_quits/
[15] https://www.theregister.com/2022/11/10/official_twitter_musk_payment/
[16] https://www.theregister.com/2022/11/09/musk_sells_nearly_4_billion/
[17] https://www.theregister.com/2022/11/09/musk_sells_nearly_4_billion/
[18] https://whitepapers.theregister.com/
Mark of a GENIUS, always full of surprises.
Same surprise here. But as someone much cleverer than I am once said: never underestimate a man who overestimates himself.
"staff should brace for 80-hour work weeks"
If I worked there, then he would have to be braced for my middle finger and rapid move elsewhere.
80 weeks.... I haven't pulled any of those since I wore a much younger man's clothes. And never again!
Should I have ever have been employed by Twatter (I know) I would have had the sense to make for the door when the courts said, "Sorry Elon, but you really do have to complete the purchase." I would have raided the office supplies cupboard, and emptied my desk all while my chair was spinning, on my way to the door!
Be sure not to forget my coat, nothing defeats a dramatic exit like returning for your coat...
$500K/yr has a way of changing minds.
I pulled an (approximately) 80 hr week once last summer. I didn’t feel right for weeks afterwards. College was a long time ago, apparently.
I used to do 80 hour weeks on occasion, but that was with overtime/on-call allowances and I did pretty well financially off the back of it. Sounds like Musk is expecting his minions to do it without overtime payments. Sod that.
Between that kind of pronouncement and the command to come into the office, I'm assuming all the competent staff are polishing their CVs and applying for their exit strategy now. Give it a month or two (assuming it hasn't completely failed by then) and all Twitter will have left will be those who can't find work elsewhere.
I didn't really expect Musk to make quite such a mess of things or as quickly...
"Sounds like Musk is expecting his minions to do it without overtime payments. Sod that."
Depends if they are getting normal person pay or silly-con valley over-inflated pay.
Re: middle finger
The correct response is to have a cup of tea, calm down and be polite so you do not give your employer any excuses then ask your lawyer about [1]constructive dismissal .
[1] https://en.wikipedia.org/wiki/Constructive_dismissal
Some of us grew up with the phrase "Doing a Ratner". I think the 21st centuary version is going to be "Doing a Musk"
Ah there is a phrase I've not heard in a LONG time.
For the young-uns here:
https://www.youtube.com/watch?v=sKtBkVrqYYk
A gaffe in the Kinsley sense - accidentally telling the truth?
The prawn sandwich thing was awesome.
Whaaaat? Twitter may fall into the abyss?
How can I help?
What, to help it fall in faster?
If we all push at the same time…
I'll brave it and climb up on top, jump up and down! If it starts falling really quickly, please grab me, I wouldn't want to be sucked into that vacuum.
Employee memo number 2
To keep your dear leader in the top billionaires club "Musk also said staff should brace for 80-hour work weeks".
Re: Employee memo number 2
More unnecessary proof that Musk is a complete arsehole. This is what happens when you dump half your staff practically overnight. How long until the remaining victims - 'cause lets face it, they are victims here - how long before they quit, spiral into depression and/or have some sort of psychotic break due to the newly intense workload?
And this is supposed to save the business, help it grow? Fuck no, this is a proven recipe for self-induced corporate collapse.
Re: Employee memo number 2
coining a new phrase? Going Twittered? Better than Going Postal?
The difference?
Might this epitomise the difference between paying smart folks to run things (e.g. Spacex) successfully and trying to actually run things himself?
Musk has devotees not fanbois
Interesting read from The Verge: current Twitter Head of legal Alex Spiro insists Musk is not afraid of the FTC (with which it signed a consent decree in May about privacy and security) because he "puts rockets into space."
https://www.theverge.com/2022/11/10/23451198/twitter-ftc-elon-musk-lawyer-changes-fine-warning
Re: Musk has devotees not fanbois
Ah yes, the exclusive "Billionaire Phallic Rocket Club", all launching their substitute cocks into orbit just prove their billionaire credentials!
Re: Spiro
If your lawyer is advising your employees to get your company into expensive legal battles with the US government then it is remotely possible he wants to buy some nice beach front property and another yacht.
Re: Musk has devotees not fanbois
he "puts rockets into space"
How are those Starship launches going?
Re: Musk has devotees not fanbois
Better than SLS and the starliner :)
Hey Elon...
What are you waiting for? You know that you bought a lemon car and it is time to run for the hills.
Go on, file for Chapter 7 right now. You don't need no stinking Chapter 11.
Don't forget to add $44B to your tax write-off list for the IRS on the way.
Either way, suck on this-> See Icon
pass the popcorn
WFH
" one thing that might save company from the abyss: ending WFH"
Well, if all the employees are fired or quit, then I guess the WFH issue has been resolved...
How to make twitter profitable
Limit the number of tweets, retweets and likes per day people can post, sell those on lootboxes. Maybe you'll gain another 3 tweets, maybe you'll get a golden tweet with greater reach! Or you can get super lucky and win a golden hexagon profile pic to show how awesome you are!
I jest, but let's be honest, that would rake in more money than we'd like to admit. Just look at mobile games.
Re: How to make twitter profitable
Don't laugh!
Musk is such a immature twat, he's probably already floated most of those ideas past the Twitterati...well those that are still left to pick up those 80 hour weeks!
This should make people happy
How long have people wanted twitter to vanish down the hole of oblivion? Numbers I expect increasing when they tried to 'fact check' a certain way.
Surprised Musk isn't crowing about success
One of Musk's goals was to get the share of Twitter revenue from advertising under 50%. I am sure he is well on the way to achieving this if he hasn't gone further already.
Of course this is all Musk playing 4D chess: getting others to trash brand names is just viral advertising a future revenue stream. Soon you will be able to by brand protection from Twitter for a reasonable hourly fee. All negative comments about your company, criminal activity or war will be silenced.
In the mean time content creators will be able put their videos in a pay walled section in return for high performance Twitter shares.
Can a genius be unskilled and unaware
Musk does seem like a clever guy.. in some areas.
However... I suspect his particular "genius" will not be of benefit to Twitter.
I am reminded that no matter how smart a person thinks they are...
https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
Re: Can a genius be unskilled and unaware
Musk does seem like a clever guy.. in some areas.
Some observers have suggested that most of Elon's successes weren't actually achieved by Elon but by others and Elon just happened to be in the right place at the righ time.
Fuck that asshole
everything is being done that can be to ensure the total failure of twitter. that man is a incompetent fool, who can't see past his own ego.
Place your bets:
1: Twitter is under a 20year FCC order for being naughty. Musk fired the group responsible for monitoring compliance. The potential fines start at $bn
2: He loses defamation lawsuits from every major company in the world after people post parodies under a blue checkmark that means Musk literally verified them.
3:The site goes down permanently because he fired the sys admins on a site where whistleblowers have already said there are core servers that they couldn't rebuild if they went down
4:all of the above simultaneously
This is going bad even faster than I thought it would.