- In conversations with bankers, Elon Musk presented ideas to increase the final result on Twitter, the reports said.
- But he did not share details, and banks funded his buyout deal on Twitter because he had other assets.
- Musk’s private appearance before the bankers contradicts his position that he does not care about the profitability of Twitter.
Loading Something is loading.
Speaking to bankers before making Twitter private, Elon Musk proposed cutting workers, inviting influential people to create content and introducing subscription services to improve Twitter’s end result, according to numerous news reports Friday.
Musk also suggested monetizing tweets and cutting executive and board pay, according to reports from Bloomberg, the Washington Post and Reuters, all citing unnamed sources who knew about his fundraising efforts.
Musk turned to bankers after announcing his offer to buy on April 14 and before the Twitter board accepted his offer of $ 44 billion on April 26, Reuters reported.
Although Musk offered these ideas to bankers to improve Twitter’s end result, he did not include them in the official plans that were presented on Twitter, Bloomberg and the Post reported. Instead, he said he would make the deal a win-win, Bloomberg sources said.
Despite the lack of details, creditors are still in line with Musk’s vision, because the billionaire already has several valuable assets that could be useful to him when he takes out loans for the deal, writes Post.
Musk’s behind-the-scenes talks about the end result contradict his public statements about the purchase on Twitter. Twitter is “not a way to make money,” Musk said at a live event on April 14, adding: “I don’t care about economics at all.”
Musk avoids sharing specific plans for the social media platform. All he said publicly was that he planned to add an “edit” feature, remove spam bots, open Twitter’s algorithm to changes, and loosen site moderation.
Musk’s proposal to lay off staff is likely to add to the anxiety Twitter staff have been feeling since news of Musk’s proposal went public. Twitter CEO Parag Agraval said this week that no layoffs were planned, but some officials were already looking for a way out, Kali Hayes of Insider said.
Add Comment