(Liberty Bell) – Twitter employees received some mighty bad news from billionaire Elon Musk, who recently purchased the company for a measly $44 billion — that’s sarcasm, folks — as he prepared a presentation for investors, which is known as a pitch deck, that provided some outlines for the moves he’s planning to make for the social media platform, according to a report from The New York Times.
One of the items on the deck included a plan for expanding the company, which will, over the course of time, expand the workforce.
However, that same outline also made it clear that around 10 percent of the workforce that starts with the company at the beginning of 2023 will not finish the year.
“Twitter has about 7,500 employees, which Musk estimates will increase to 9,225 this year before tumbling to 8,332 in 2023, which would be roughly when a new order would take hold of Twitter,” the Western Journal reported.
Elon Musk is aiming to increase Twitter's annual revenue to $26.4 billion by 2028, up from $5 billion last year, the New York Times reported on Friday, citing a pitch deck presented by the world's richest man to investors.
— Newsmax (@newsmax) May 8, 2022
“After that culling of 10 percent of the company’s workforce, hiring would then begin in a company under Musk’s control until Twitter hits 11,072 workers by 2025,” the report continued.
The Times then went on to say in its report, “Musk is likely to shed workers as part of his takeover, before bringing on new talent in engineering, a person with knowledge of the situation said. Stock-based compensation costs are also expected to rise to just over $3 billion by 2028, from $914 million in 2022.”
Musk made a projection stating that the changes he’s going to make at the company will end up generating more than five times its current $5 billion annual revenue, which will put the social media giant hitting $26.4 billion by 2028.
Twitter currently has 217 million users. By the year 2025, Musk is projecting it will hit the 600 million users mark and by 2028, there will be a whopping 900 million Twitter users. That’s actually kind of terrifying.
“In the days of ancient Rome, the Roman army would punish major offenses such as large-scale mutiny or desertion by executing one-tenth of the guilty cohort, a process known as “decimation” — an extremely harsh process that was very rarely used (for obvious reasons),” the report from WJ said.
Ever since Musk’s plans to buy out Twitter went public, the billionaire hasn’t seemed even the slightest bit worried or concerned by the idea that mutinous workers might decide to abandon ship and leave the company.
When he was asked about the potential for skilled employees to leave the company while making an appearance at the Met Gala last week, Musk shrugged it off, according to a report from Reuters.
“It’s a free country,” Musk stated.
He then stated that the company’s software and the process for determining how tweets are treated would be made public.
“Certainly if anyone doesn’t feel comfortable with that, they will, on their own accord, go somewhere else. That’s fine,” he continued.
“In a Twitter post on Friday, in which he forwarded a Forbes article about how interest in working for Twitter has actually expanded, he elaborated slightly,” the report from WJ added.
Also, work ethic expectations would be extreme, but much less than I demand of myself
— Elon Musk (@elonmusk) May 7, 2022
“Charlie Sull, a cofounder of CultureX, an HR technology firm that uses artificial intelligence to analyze organizational cultures, said Musk will get results, whatever the numbers, according to Time,” WJ said.
“Elon Musk companies are quite remarkable in, in a lot of ways. So you often see off-the-charts results with them that you don’t see for other organizations,” he added.
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