Some former employees who should have returned have apparently been unfairly fired. Others were fired before management realized their work and experience might be needed for the platform’s future plans.
Elon Musk debt panic?
Musk’s drastic decision to send in a string of resignations was apparently triggered by Twitter’s bleak financial situation. The Washington Post reports that the company will face a $ 700 million loss next year. This is mainly due to the high interest payments on the mountain of debt, presumably nearly $ 13 billion, that Twitter is carrying out. For this we need new loans, which – given the rise in interest rates – will now weigh 1.3 billion dollars a year in the budget.
Musk apparently tried to counter this problem with a drastic cost reduction program. The billionaire also wants to try to recoup some of the roughly $ 44 billion purchase price he paid for Twitter from the company. Musk wants $ 13 billion in debt according to research by the New York Times transferred to Twitter’s balance sheets.
Twitter is said to be silent before the US elections
Another monetization measure was to charge a monthly fee of $ 8 per month for the blue check mark that certifies the authenticity of a profile. This step has now been suspended, at least in the United States. As reported by the New York Times, the short messaging service wants to wait until after the mid-term elections in the United States on November 8. Musk appears to be responding to criticism. It has been criticized that users of the social network will no longer be able to clearly identify whether the person claiming to be behind the account is actually the person behind it. He fears that fake accounts spreading false information under someone else’s name can now be promoted. Ahead of the mid-term elections in the US, the introduction of the new pricing model is the worst time, according to the Bloomberg agency.
Trump not on Twitter at the moment
The question of whether former US President Donald Trump can return to Twitter is also of great importance. Trump had an extremely large number of followers and used Twitter as a platform for his view of things. Elon Musk wanted to bring Trump back. But at first he chased it away and affirmed it wanting to stay true to their ministry, Truth Social. “I like it better here,” Trump said. “I like Elon, but I’m true to the truth.”
Musk makes great promises
Elon Musk responded to allegations of Twitter’s loss of credibility by announcing that the social media platform would be “by far the most accurate source of information about the world.” This is the mission.
