Business

Here’s what Elon Musk stated at a conference on the exact same day of huge Twitter layoffs

When he wasn’t laying off Twitter workers today, Elon Musk appeared at a conference where he joked that he’d had reservations about purchasing the social networks giant he’s now racing to overhaul. 

“I tried to get out of the deal, it was like that scene from ‘The Godfather,’” he stated at the Baron Investment Conference in New York City according to Insider.

Musk was most likely describing Al Pacino’s popular line from The Godfather Part III: “Just when I thought I was out they pull me back in.”

After reaching an offer to purchase Twitter in April for $44 billion, Musk attempted to back out due to the fact that of what he referred to as the substantial variety of “bot” accounts on the platform. Twitter taken legal action against Musk in an effort to require the sale and eventually got what it desired when Musk capitulated. 

“I mean I think most people would say, given how [the] market has evolved this year, the price is on the high side,” Musk acknowledged on phase at the conference.  

Indeed, the price was far above the platform’s worth, according to Wedbush Securities tech expert Dan Ives. In a note to customers, Ives called the purchase “one of the most overpaid tech acquisitions in the history of M&A deals on the Street,” arguing that a fairer rate would have been $25 billion. 

Now, a week into his takeover, Musk is making deep cuts at Twitter. Bloomberg formerly reported that he prepares to lay off about 3,700 employees, or 50% of the labor force. 

At the conference, Musk stated he anticipates the task cuts to conserve the business $400 million a year, Insider reported. But he otherwise didn’t explain about the layoffs, report stated. 

The world’s wealthiest male likewise mused about the work principles of the rich—drawing an implicit contrast with himself. He’s the CEO of 3 various business: Twitter, Tesla, and SpaceX; the creator of 2 others, tunneling start-up The Boring Company and brain chip start-up Neuralink; and declares to be a workaholic. 

“So as a company has prosperity and then people become wealthy, then for a lot of people once they become independently wealthy they just can’t bring themselves to work or they just don’t want to work,” Musk stated. “And that’s totally understandable and no judgment. I mean I have a lot of friends who are extremely talented and they had some success earlier in life and they just decided that was enough for them.” 

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Blake

News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

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