Current:Home > FinanceElon Musk gives Twitter employees an ultimatum: Stay or go by tomorrow -AssetVision
Elon Musk gives Twitter employees an ultimatum: Stay or go by tomorrow
View
Date:2025-04-16 21:46:45
New owner Elon Musk has told remaining Twitter employees they will need to decide by Thursday afternoon whether to stay at the company or quit.
In an email to staff entitled "A Fork in the Road," Musk said Twitter would "need to be extremely hardcore" to succeed. Those who choose to stay should expect long, intense hours of work. Those who leave will receive three months' severance pay, he wrote.
In the ultimatum, first reported by The Washington Post, Musk wrote that he values engineers over designers, project managers and other staff in what he envisions will be "a software and servers company."
The combative message is the latest sign of escalating tensions inside Twitter, a company that has been beset by chaos and confusion since the billionaire's $44 billion takeover in October.
Musk immediately fired top executives. Since then, he's laid off about half of the staff, or roughly 3,700 employees, and fired others after they publicly criticized him. People who held key roles in divisions including content moderation, cybersecurity and legal compliance have resigned.
Musk has claimed his shakeup is part of an effort to make Twitter more profitable, something that has long been a struggle for the platform. He also says the company needs to move away from advertising and derive most of its revenue from other sources, like Twitter Blue, the now-paused service that was revamped under Musk and had a tumultuous premiere.
One issue hanging over the company: its financial outlook now that it is newly saddled with debt.
Musk borrowed $13 billion to buy Twitter in a purchase widely seen as overpriced.
Ad sales, which make up nearly all of its revenue, have dropped as advertisers take a wait-and-see approach to both the broader economy and Musk's leadership of Twitter.
Meanwhile, Twitter is estimated to have a $1 billion debt service payment on the debt Musk secured to complete his takeover, and the company's ability to make that payment has been in question.
Musk has even floated the possibility of possible bankruptcy, which would allow Twitter to restructure its debt, but remains unclear how serious Musk was about that threat.
NPR's Bobby Allyn contributed to this story.
veryGood! (63)
Related
- Residents worried after ceiling cracks appear following reroofing works at Jalan Tenaga HDB blocks
- Where did all the veterinarians go? Shortage in Kentucky impacts pet owners and farmers
- NCAA President Charlie Baker proposing new subdivision that will pay athletes via trust fund
- Judge again orders arrest of owner of former firearms training center in Vermont
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- Sebastian Stan Looks Unrecognizable as Donald Trump in Apprentice Movie
- Senate confirms hundreds of military promotions after Tuberville drops hold
- State officials review mistaken payments sent by Kentucky tornado relief fund
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- Video shows research ship's incredibly lucky encounter with world's largest iceberg as it drifts out of Antarctica
Ranking
- The White House is cracking down on overdraft fees
- Denny Laine, founding member of the Moody Blues and Paul McCartney’s Wings, dead at 79
- Paraguay rounds up ex-military leaders in arms smuggling sting carried out with Brazil
- Hamas officials join Nelson Mandela’s family at ceremony marking 10th anniversary of his death
- Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
- Paraguay rounds up ex-military leaders in arms smuggling sting carried out with Brazil
- Sen. Scott joins DeSantis in calling for resignation of state GOP chair amid rape investigation
- Taraji P. Henson on the message of The Color Purple
Recommendation
IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
The Gaza Strip: Tiny, cramped and as densely populated as London
Northwest Indiana boy, 3, dies from gunshot wound following what police call an accidental shooting
Jonathan Majors’ accuser said actor’s ‘violent temper’ left her fearful before alleged assault
Behind on your annual reading goal? Books under 200 pages to read before 2024 ends
Video shows research ship's incredibly lucky encounter with world's largest iceberg as it drifts out of Antarctica
What does the NCAA proposal to pay players mean for college athletics?
Verizon to offer bundled Netflix, Max discount. Are more streaming bundles on the horizon?