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> But Twitter is in crisis. Elon Musk bought it, fired a huge portion of the staff, changed the rules so many times that I’m not even sure what the rules are an
by tzm 4y ago
> But Twitter is in crisis. Elon Musk bought it, fired a huge portion of the staff, changed the rules so many times that I’m not even sure what the rules are anymore, and has warned that the company will likely have to file for bankruptcy soon.
Crisis? This assessment seems like FUD vs rationality. Twitter was on the verge of mass layoffs regardless if Elon bought it. In 2021, Twitter's annual net loss amounted to $221 million, a significant decrease from the previous year of -$1.4 billion.
I don't question the growing uncertainty of quality, but to think Twitter is in crisis seems more like media bias pushing a narrative.
- infotogivenm 4y agoI thought this at first but now I’m not sure. My understanding is they have gotten rid of ~70% of the workers (7500 down to 2700 [1]). Speaking generally, IMO 20% would have perhaps been a fitting haircut after a couple years of excessive hiring that did not lead to growth. 70% is a serious reduction of manpower and it is fair to wonder how they can maintain critical functions of a global network and also implement the whimsies of a billionaire. On that end, Twitter was a growth stock with no dividends. IIRC last year they announced a 4B buyback program, 2B of it this year. My assessment was it was floundering in that it was failing to grow KPIs and ad rev, not because of profit/loss. But I am not a stock market expert, so maybe someone else has a better analysis. [1] https://arstechnica.com/tech-policy/2022/11/musk-recruits-engineers-for-twitter-2-0-after-mass-layoffs-and-resignations/amp/ https://arstechnica.com/tech-policy/2022/11/musk-recruits-en...