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Twitter Staff to be Slashed by 75% as Musk Reveals His Takeover Plans

Tesla CEO Elon Musk has recently disclosed to investors his plans to lay off 75% of Twitter’s workforce which is about 5,500 workers, once he takes over from the microblogging company.

Published

1 year ago

October 21, 2022

Investors King

Tesla CEO Elon Musk has recently disclosed to investors his plans to lay off 75% of Twitter’s workforce which is about 5,500 workers, once he takes over from the microblogging company.

Following his decision, Musk plans to have a workforce of only a little more than 2,000 workers.

In June this year, via a video call with Twitter employees, Musk disclosed that it was necessary to rationalize the number of employees at the company, noting that anyone who is a significant contributor should have nothing to worry about. Although this statement was made before he opted out of the Twitter acquisition deal.

In a response to Musk’s statement, Twitter CEO Parag Agrawal issued a statement assuring the company’s employees that while he did not have concrete answers about what would happen once Elon Musk purchases the platform, there are no planned layoffs. Agrawal further admitted that there is quite a bit of uncertainty following Musk’s acquisition.

In a recent development following Musk’s statement of a 75% job cut, Twitter General Counsel Sean Edgett emailed employees on Thursday, clarifying that the company has no plans for massive layoffs since it signed a deal to be acquired by billionaire Elon Musk.

Also, Human resources staff at Twitter have told employees that they were not planning for mass layoffs, but documents showed extensive plans to push out staff and cut down on infrastructure costs were already in place before Musk offered to buy the company

While job cuts have been expected regardless of the sale, the magnitude of Musk’s planned cuts is far more extreme than anything Twitter had planned.

Experts have warned that with Musk’s drastic reduction of Twitter’s workforce, the platform could quickly become overrun with harmful content and spam.

Recall that after Musk’s initial $44 billion bid in April to buy Twitter, the Tesla boss opted out of the deal, stating that Twitter lied about the number of fake “spam bot” accounts it had on its platform.

Twitter then sued Musk, and a Delaware judge gave both sides until Oct. 28 to work out details, otherwise, there will be a trial in November. Investors King reported that Tesla CEO has made a u-turn to acquire the microblogging platform for the initially agreed price of $44bn.

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Social Media

Elon Musk Envisions X as the Future of Your Financial Life

Published

1 month ago

October 27, 2023

Samed Olukoya

Tech visionary Elon Musk unveiled his vision for X, aiming to transform it into the epicenter of people’s financial worlds by the end of 2024.

Musk’s plan transcends mere payment solutions, targeting nothing short of the complete financial ecosystem, including money and securities. “You won’t need a bank account,” he affirmed.

X, led by CEO Linda Yaccarino, sees this as an ambitious opportunity that could reshape the financial landscape as we know it.

Musk expressed his unwavering commitment to the cause, stating, “It would blow my mind if we don’t have that rolled out by the end of next year.”

This ambition traces back to Musk’s dot-com-era online bank, X.com, which later evolved into PayPal. Musk aims to take a page from his earlier playbook, hoping to outshine PayPal with a more comprehensive approach.

The platform’s offerings are set to include high-yield money market accounts, debit cards, checks, and loan services. Musk’s endgame? An ecosystem that empowers users to send money worldwide instantly and in real-time.

However, this transformation is not without its challenges. Elon Musk must convince users of the necessity of such an all-encompassing platform while gaining their trust with their financial lives.

The vision of X as an “everything app” resonates with the rise of super apps like WeChat in China, which provide users with access to a myriad of services, from shopping to transportation.

As X positions itself to revolutionize the financial industry, Musk’s audacious endeavor promises to change the way we handle money, potentially eliminating the need for traditional banking as we know it.

The world watches with bated breath to see if Musk’s bold vision will become a reality.

Social Media

WhatsApp Introduces Dual Account Feature, Enabling Users to Sign Into Two Accounts

Published

1 month ago

October 19, 2023

Temitayo Olukoya

WhatsApp has introduced a groundbreaking innovation that promises to redefine the user experience.

This new feature allows individuals to simultaneously manage two WhatsApp accounts on a single device, eliminating the need for dual phones.

The eagerly anticipated announcement was made by Mark Zuckerberg, Facebook’s CEO, who assured Android users that this feature will soon grace their screens.

Gone are the days of juggling multiple WhatsApp accounts, a task that often required carrying two separate devices. While tech giants like Xiaomi and Oppo had previously introduced app cloning features for multiple WhatsApp instances, WhatsApp’s integrated approach sets a new standard for seamlessness.

This innovation is poised to be a game-changer for users who navigate both personal and professional realms on this ubiquitous messaging platform.

Cumbersome login-and-logout routines and the perpetual concern of messaging from the wrong account will soon be a thing of the past, replaced by a newfound ease of multitasking.

Activating this feature is a straightforward process. Users need only navigate to the ‘Settings’ menu and select ‘Add Account.’ During setup, a second phone with a SIM card or a device supporting eSIM technology is required to unlock the full potential of multi-SIM functionality.

WhatsApp ensures that each account can have its own customized notification and privacy settings, preserving data integrity and personalization.

In addition to the dual account feature, WhatsApp recently introduced passkey support for Android, enhancing security by providing an alternative to SMS-based two-factor authentication.

This latest advancement underscores WhatsApp’s dedication to user convenience, connectivity, and digital identity security, setting the stage for a more organized and efficient way of communication.

Social Media

X Takes on Bots: New Zealand and Philippines Users Pay $1 Subscription

Published

1 month ago

October 19, 2023

Temitayo Olukoya

X, formerly known as Twitter, has embarked on a bold initiative to combat the growing menace of bots and spammers on its platform.

The company, now owned by Elon Musk, recently rolled out a new subscription plan in New Zealand and the Philippines, requiring new users to pay a mere US$1 per year for access to essential functions like tweeting, replying, retweeting, and liking.

The move, dubbed ‘Not A Bot,’ is designed to fortify X’s ongoing efforts to curb spam, manipulation, and bot activity. New users in these countries must first verify their phone numbers and then pay the nominal fee to post, like, reply, repost, quote posts, and bookmark.

Those who opt out of subscribing will be restricted to “read-only” actions, such as reading posts, watching videos, and following accounts.

Elon Musk, who has been at the helm of X, explained the rationale behind this strategy. Bots, he noted, are inexpensive to set up, costing only a fraction of a penny.

By imposing a nominal fee, X aims to deter bot operators and make it more challenging for them to create multiple accounts.

This move is a part of Musk’s broader vision for transforming X into an all-encompassing app, including payment services.

Musk has been exploring alternative revenue sources as ad revenue declined by 60% due to advertiser boycotts and concerns over content management.

As the ‘Not A Bot’ program unfolds, it holds the potential to revolutionize the fight against bots and spammers, making social media a safer and more authentic space for users. X is eager to assess the program’s effectiveness and may consider expanding it to all users in the future.