The warning comes amid a tumultuous start to the social network’s Musk leadership, a two-week period during which he fired half of Twitter’s employees, fired most of his top executives, and ordered the remaining employees to quit. to work from home.
An executive who until November 10 was part of Musk’s new management team, Yoel Roth, has left the company, people familiar with the situation said. Another, Robin Wheeler, also resigned, but Musk convinced her to stay.
As the acquisition took Twitter out of the control of public markets, Musk loaded the company with nearly $ 13 billion of debt, which is now in the hands of seven Wall Street banks that failed to deliver it to investors.
The company’s credibility collapsed so quickly that even before comments on Musk’s bankruptcy, some funds offered to buy back loans for as little as 60 cents, a price usually reserved for companies in financial distress.
In his speech to the staff, Musk issued some stern warnings. Employees need to prepare for the 80-hour work week. There will be fewer benefits in the office like free food. And he ended the pandemic-era flexibility that allowed employees to work from home.
Asked about the attrition prospect, Musk said, “We all have to be more hardcore.”
Discussing Twitter’s finances and future, Musk said the company needed urgent action to build its $ 8 Twitter Blue subscription product that users would be willing to pay for advertisers’ rejection.
Musk has used the threat of financial ruin in the past to motivate workers, according to one familiar with his management style. According to this person, he is trying to convey the idea that if people don’t work hard, Twitter will be in a very difficult position.
