Elon Musk now owns 9.2% of twitter...update.. will soon be the sole owner as Board of Directors accepts his purchase offer

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Heartbreaker

Diamond Member
Apr 3, 2006
4,340
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This seems like a miserable place to work. Of the part time CEO started telling everyone how many extra hours everyone else needs to put into their job I would tell them to eat shit.

And for anyone who would point out he runs several other companies that’s his choice, he could step down from one or more of them if he wanted to.

Most places pamper tech employees, because they are generally in demand and have high mobility.

Musk might temporarily be able to get away with making them miserable, but in the long run it seems like it's a recipe to collapse the workforce and company.
 

Pens1566

Lifer
Oct 11, 2005
12,314
9,170
136
Most places pamper tech employees, because they are generally in demand and have high mobility.

Musk might temporarily be able to get away with making them miserable, but in the long run it seems like it's a recipe to collapse the workforce and company.

Yep. There's almost zero incentive for most tech folks to stick around there at this point. They could leave and likely have coverage as soon as they want it. He's kicking himself in the dick over and over again.
 
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K1052

Elite Member
Aug 21, 2003
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Consent decrees are invalid because I say so and I'm not going to follow them is certainly a path one can take.
 

manly

Lifer
Jan 25, 2000
11,901
2,846
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Most places pamper tech employees, because they are generally in demand and have high mobility.

Musk might temporarily be able to get away with making them miserable, but in the long run it seems like it's a recipe to collapse the workforce and company.
Yes and no. Highly skilled tech workers are obviously still in demand, but there's been a huge wave of layoffs that will certainly impact more junior workers. It's kind of pathetic really, because highly profitable firms such as Apple, Microsoft and Google don't necessarily need to trim fat; except to appease its shareholders. To their credit, Apple actually hasn't implemented layoffs; rather just targeted hiring freezes (these companies are large enough that they're always hiring due to attrition and growth). A case like Meta, I understand. Zuckerberg fucked up and now he's in damage control to save his own ass. Intel is in a somewhat similar situation.

It's doubly sad because tech firms trying to run ahead of the curve, along with FOMC rate hikes to combat inflation, will certainly cause a recession. The scale of which is obviously unknown, but it's still pathetic that the one of the very wealthiest industries in the U.S. is the one choosing austerity first, and ahead of its people.
 

Heartbreaker

Diamond Member
Apr 3, 2006
4,340
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Yes and no. Highly skilled tech workers are obviously still in demand, but there's been a huge wave of layoffs that will certainly impact more junior workers.

Yes, this was part of the reason, I said he might be able to get away with it in the short term. With other tech layoffs and recession talk, it's not the best time to be looking for a new job.

It's doubly sad because tech firms trying to run ahead of the curve, along with FOMC rate hikes to combat inflation, will certainly cause a recession. The scale of which is obviously unknown, but it's still pathetic that the one of the very wealthiest industries in the U.S. is the one choosing austerity first, and ahead of its people.

It often seems that recessions are nearly self fulfilling prophecy, once enough people get convinced they are going to happen, and they start culling staff, and orders...
 
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manly

Lifer
Jan 25, 2000
11,901
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As I've said, it seems his end goal is bankruptcy from the beginning when he realized he has to buy Twitter for that inflated price.
Equity shareholders lose massively in any bankruptcy proceeding. Unless he's a total moron, that was not his end goal. He likely could have walked away from the purchase agreement through negotiations. Twitter probably would have accepted ~ $5B to allow the deal to fail. A few estimates I read were in the $3B-$4B range during the summer, but the price probably goes higher once he sued Twitter.

What he's doing is fairly obviously, trying to put lipstick on his pig so that he can IPO in 2024 at a valuation > $50B. Unfortunately, he probably never planned to alienate advertisers in the summer long BEFORE the deal was consummated. Now that ad rev is eviscerated, he has no Plan B besides getting rid of many important employees. I'm not saying they're all important, but as indiscriminate and deep as the layoffs are, they're losing necessary talent.
 

Pens1566

Lifer
Oct 11, 2005
12,314
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Like Elon or hate him, we're at nearly 3500 posts in this thread. So obviously he's pretty prominent in business culture. Some are in it for shits and giggles, but increasingly a lot of people really hate this guy LOL.

There's a valid reason for that ... the guy appears to be a tier 1, grade A shit bag of galactic proportions. And he's kinda brought it all on himself.
 

cytg111

Lifer
Mar 17, 2008
24,026
13,536
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Musk: "An agreement under duress is not Valid."

You mean like forcing employees to sign an agreement to work extreme hours or get fired?

Ooooh I see where this is going ... delay delay *delay* ... and run for president.