According to reports, Musk reassured staff that he wouldn't eliminate 75 percent of their jobs. According to people familiar with the matter, Musk told employees that he wouldn't cut 75 percent of the staff.
The Washington Post reported last week that Musk told prospective investors in his deal to buy the company that he planned to get rid of nearly 75 percent of the staff. According to a report, employees of the company wrote an open letter slamming Musk's plan to lay off 75 percent of the workforce.
The previously reported number in an address to employees was denied by Musk. Musk is expected to cut staff as part of the takeover despite telling workers he won't get rid of three-quarters of them.
The Delaware Court of Chancery Judge ordered Musk to complete the acquisition by October 28th. A trial was supposed to take place on October 17 but was delayed. If the merger isn't completed by tomorrow, the trial will be delayed until November.
AdvertisementThe stock is going to be suspended from trading on Friday. The stock price is close to the price that Musk agreed to pay after he reversed course and avoided a trial.
Musk told advertisers that he intended to prevent the social network from being a free-for-all hellscape.
Things seem to be on track for a Friday closing despite recent doubts about Musk's financing. According to people familiar with the matter, banks are sending $13 billion in cash to support Musk's takeover of the micro-blogging site.
Musk had promised to give up to $33.5 billion.
One of the people said that Mr. Musk sent a borrowing notice to the banks that agreed to give him the debt for the purchase. After hammering out final details of the debt contracts, banks will deposit funds they are on the hook for into an account, the people said. The funds will be available for Mr. Musk to use by the Friday deadline.
Musk posted a video of himself walking into the building. He said to let that sink in. He changed his bio to say "chief twit"
It's possible that Musk's "let that sink in" pun is not the only one. "In business parlance, 'kitchen sinking' means taking radical action at a company, though it is not clear if this was Mr. Musk's message," the report said. Kitchen sinking is a communication technique in which a business or political party releases all of its bad news at the same time. "everything but the kitchen sink" is a commonly used expression, but Musk was carrying a bathroom sink.
AdvertisementMusk wrote a message for advertisers. It is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner. He wrote that there is a danger that social media will splinter into far right wing and far left wing echo chambers.
After spending months trying to get out of the merger deal, Musk told advertisers he is buying the social network to try to help humanity. Attempting to convince companies that they should buy ads on the platform, he wrote that "Anything can be said with no consequences!" In addition to adhering to the laws of the land, our platform must be warm and welcoming to all, where you can choose your experience according to your preferences, just as you can choose to see a movie or play a video game.
He said that users need to be shown advertising that is relevant to their needs. Highly relevant ads are actually useful. The platform aspires to be the most respected advertising platform in the world.
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