Elon Musk’s purchase of digital giant Twitter is still fascinating, despite the fact that there have been no disputes with famous writers or widespread C-suite resignations in the last 24 hours.
There is a startling amount of material to keep up with with this new age of the San Francisco social media behemoth with a terminally online tweeter-in-chief running things and overworking personnel, presumably depending on the whims of his reply people.
Rumor has claimed that Twitter will fire half of its employees.
Bloomberg reports that Twitter CEO Elon Musk intends to cut 3,700 positions at the San Francisco-based social media giant. The company’s staff would be reduced by half as a result of the layoffs.
Beauty behemoth L’Oreal stops doing Twitter advertisements
According to reports, L’Oreal has suspended its Twitter ad purchases, further demonstrating the growing concern among major businesses about the platform’s new management.
It’s a significant loss in advertising for Musk’s Twitter. The biggest cosmetics firm in the world, L’Oreal, invests heavily in social media advertising. L’Oreal spends 70% of its marketing budget on digital channels, according to a 2020 research.
The information comes following both Interpublic Group’s brief withdrawal and General Motors’ decision to cease its Twitter advertising expenditures during the changeover. It was initially reported by the Financial Times on Wednesday afternoon.
The Financial Times discovered that, contrary to GM’s assertion that this is the “regular course of business,” the attitude among major marketers maybe even more gloomy. One senior executive in advertising told the magazine that corporations and ad agencies were “quietly exiting.”
A large advertising firm is urging clients to stop using Twitter
A well-known Big 4 advertising firm wants its customers to stop using Twitter. Ryan Barwick of Morning Brew was the first to disclose that Interpublic Group’s Media Brands business is advising its clients to stop using Twitter for a week. These clients include Spotify, American Express, Accenture, and Levi’s in San Francisco.
The agency’s worries over Twitter’s intentions for safety and trust on the site, as well as Twitter’s “organizational capabilities” to offer such things to users and advertisers, were cited by a source with knowledge of the situation who verified the suggestion to SpaceXMania.
Despite Musk’s early appeals to advertisers and the content moderation committee he has planned to establish, the agency’s worries about the transfer of authority from the C-suite and board of directors almost completely to Musk seem to be a reason for worry, but the individual who made the statement did not specifically state where those concerns are coming from.
Perhaps Musk’s “absolutism” about free speech is not working. He seems to be aware of this and appears to be angry with the advertising. He polled his followers on Twitter on Tuesday afternoon on whether business owners “should embrace” political correctness or free speech.
What about those widespread layoffs at Twitter?
Elon Musk’s announcement that he would fire 75% of Twitter’s workers, which was initially published by the Washington Post, was one of the most worrying items to emerge in the days before his purchase of Twitter.
(He ultimately refuted the story prior to the purchase.) However, despite allegations that he plans to fire 25% of his workers, there haven’t been any large-scale layoffs so far. It is yet unknown why; Musk apparently had intentions to do this as early as last weekend, according to the New York Times.
Perhaps he realized at the last minute that cutting a significant portion of your employees while pursuing a number of different initiatives is a terrible decision.
An erratic leader who seems to pursue projects at the whims of his fans, 80-hour workweeks without guarantees of overtime pay, and the departures of high-level executives and managers might all result in individuals leaving the company without Musk having to officially implement layoffs.
There is a massive departure of top employees from Twitter
After Elon Musk announced the takeover, there was instant carnage at Twitter, where CEO Parag Agrawal and a number of other executives perished. It seems that a number of senior employees either don’t want to work under the Musk administration or don’t want to deal with the demise of their ex-leaders.
Twitter’s vice president of HR and head of inclusion and diversity Dalana Brand tweeted on Tuesday morning that she would be leaving the business on Friday.
On Friday, Brand announced his resignation from Twitter “after 4 great years.” Every moment fully represented the hashtag “#LoveWhereYouWork,” and it has been one of the finest experiences of my career. She departed without giving any explanations.
In the days after Musk’s takeover, The Verge reported that Chief Customer Officer Sarah Personette, engineering head Nick Caldwell, and general manager Jay Sullivan all left their positions. Although it’s unclear if Leslie Berland was fired or resigned, Bloomberg writer Sarah Frier tweeted Tuesday afternoon that Berland, the chief marketing officer, is now also gone.