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by Forgeties79
100 days ago
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> Further reinforced with Elon firing 80% of Twitter and the website didn't stop working, reminding big tech CEOs that they can also start looking into trimming the overhiring fat in their back yard, with no operational loss. I would argue Twitter is in a worse state operationally, but either way it’s moot because one simply has to look at the company’s valuation since Musk took over to see things aren’t going well. Unless the goal is a very loud megaphone for conservative influencers and talking points, in which case things are going great. |
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X doesn't seem to be in any worse state operationally. The site's uptime is fine, and they've launched a ton of new features that were well received by the userbase. So: 80% fewer people, site remains operational, new feature launches have if anything accelerated. That is a success by any companies measure.
The left is now trying to rewrite history and claim the fall in valuation is because Musk took it over, but it's not. Twitter's valuation was already falling rapidly before Musk entered the game at all. Like many tech firms its price had a COVID surge. The valuations of multiple tech companies were fell sharply right as he was in the middle of the acquisition. The timing was unlucky and he overpaid. That's why he tried to back out of the deal and, if you remember, why the Twitter board went to court to force him to acquire the company against his will.
https://www.bbc.com/news/business-62102821
> There are other potential reasons why Mr Musk might want to pull out of the deal. The stock market price for large tech companies has fallen steeply in the last few months - did Musk offer too much?
The subsequent advertiser boycott says nothing about whether you can cut a company like Twitter by 80% and still have it function. That was caused by Musk publicly rejecting leftist claims as false. CEOs don't care about that because they can cut employees whilst claiming to be increasing diversity and the left will leave them alone.