That phrase seems supported by a tweet from NotTheMar-A-Lago Mole. Then you still consider Twitter a source of reliable information, even though Elon Musk owns it?
All the terms would be in the transaction agreement. Maybe the banks did have an out based upon the interest rate but plowed forward for the reasons you mentioned.
Bigger issue is why loan $13B to a company whose average free cash flow of the last two years is $840M/yr. Risky! They must believe Elon will bail them out.
As many as 4000 workers at risk of losing their jobs at twitter over the next 48 hoursā¦and will be notified by email
Gotta be honest, had no idea there were so many employees who worked in the social media sector.
Elon needs his savings, soā¦
Twitter might not always be available.
Hereās some Orwellian shit.
Guess heāll plug the gaps with bots? 
You do have to wonder, heās owned the company for a week and he already believes he knows which half of the work force to fire.
Theyāve already been hit by a class action suit due to the illegality of the proposed lay offs. This is pretty cut and dry and in addition to the mandated pay out to the employers (current salary plus benefits for 60 days) there will be penalties in the 10s of millions depending on how many empolyee are affected. Probably over 100 million based on the initial figure reported.
Maybe they should wait to see what the package is before the sue?
Alternatively, they know their new employer has a long history of trying to violate employment law and so are taking the appropriate protections in response to public threats.
He does? I think mostly he has a long history of creating jobs, butā¦
Thatās a non-sequitur. On what basis does employing lots of people preclude there being a history of conduct in violation of employment regulations and law? And secondly, you are unaware of the issues or you just dont think they are important?
But what if those jobs are paying below minimum wage? or forcing staff into contracts that break employment law reguarding safety laws or putting people at risk of some form of abuse or bullying?
This is a guy who started and ran two businesses in California, not the easiest human resource legal environment. I know people who have worked for his companies. Itās a demanding workplace, but not an illegal one. He demands performance and pays accordingly. Any large business generates complaints and the occasional lawsuit, but I think you will all struggle to find a paper trail of his companies being bad actors regarding employment law. And I also think once the dust settles, these Twitter layoffs will have been done according to the law, notwithstanding the fact that he will have a protracted legal negotiations with the executives he let go. Thatās another matter.
More interestingly, can Twitter run with half the workforce and dramatically reduced infrastructure spending? If he can pull that off, Iāll be impressed. Heās a genius at execution, and I would not want to bet against him, but this smells like a boondoggle.
There are well documented cases in issues as widespread as union busting, lack of safeguarding against racism, willful OSHA violations, issues related to Covid regulations and past history in this sort of public threats of illegal firing.
One of his principle strategies for shifting his work force appears to be threatening illegal action and trying to squeeze people out by making them think standing up for themselves is going to be more unpleasant than its worth. If these lay offs do go ahead in a way that is compliant with CA and federal employment law it will be BEACAUSE the workers took such proactive steps to demonstrate they have the law on their side.
Completely coincidentally, the woman responsible for leading the team who authored this report last year has just announced she has been let go
Regarding the report itself, there is the following interesting finding Iād be interested to hear from German users on
- In six out of seven countries ā all but Germany ā Tweets posted by accounts from the political right receive more algorithmic amplification than the political left when studied as a group.
What is it about Germany that makes it different? Presumably itās at least partly related to the anti-nazi laws, but are the second order effects really that big that there just isnt an unconscious appetite for this stuff there?
Iām smiling again. This news comes to us from āUnusual Whales.ā Just FYI, in the U.S., anything over 40 hours is considered overtime and paid at time and a half. Somehow cutting half your staff and then requiring the rest to work double shifts would only increase oneās payroll expenses.
That said, he does require a fair amount of overtime, from what I understand. His workspaces tend to be very competitive environments where those willing to work hard and long will make bank. But the hard work does tend to burn folks out and many leave his companies because of this.
Heās still an ass, though. Passive aggressive twat.
How to destroy your expensive new toy in four easy steps and then blame others.
RE Advertising - Itās also a shit platform for it. I donāt know anyone in digital marketing who thinks it is worth it from an RoI perspective, which makes it an easy decision to pull out when it starts getting politically sticky.
You really think twitter employees are eligible for overtime? The laws exist, but simply arenāt applicable to this type of work. If youāre salaried, work an office job and get more than about 30k a year gross you are exempt. Itās possible a couple of entry level admin staff may get it, but the thought of the people who fill the jobs at twitter getting overtime once they hit 40 hours in a week is laughable, especially the engineers who are most on the chopping block. Fuck me, one of mine hit that by Tuesday this week, and he was still bugging me on Wednesday morning for stuff.