Tech founders, investors and investors can learn from Elon Musk’s brutal crackdown of Twitter

Hello, my name is Matt Turner, and I am the editor-in-chief of business at Insider. Insider Weekly is back with a roundup featuring some of our most popular stories.

Let me start by wishing everyone a happy holiday season. 2022 was another memorable year in history. This was the largest military attack since WWII. Inflation rates across most of the Western World are at an all-time high. This is one of the most scandalous financial scandals in history.

It all ended up with hundreds of thousands opening this email each weekend. We appreciate you reading. Every week, it’s a privilege being in your email inbox.

Today’s agenda:

Silicon Valley founders desire to follow Elon Musk’s Twitter crackdown. The chaos and self-destruction at Pollen is revealed. Some blame David Solomon while others fear widespread departures.

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Tech founders are Elon Musk’s greatest fans

Lisa Blue/Philip Pacheco/Getty Images; Jenny Chang-Rodriguez/Insider

Since Elon Musk took over Twitter, he has been fast, breaking things and causing outcry. After a Twitter poll, Musk announced that he would resign as CEO.

One group has quietly supported the CEO throughout it all.

Musk’s visionary approach to the Twitter takeover is a major reason why Silicon Valley founders love him. Musk’s “hardcore” approach towards cost-cutting is a striking contrast to Silicon Valley’s norm of coddled workers and lavish benefits. Tech executives see this as a model to follow at their own companies.

Musk is why tech founders love him.

Pollen: Partying, spending and sexual harassment accusations

Alexander Wells, Insider

Callum Neguss-Fancey, the Pollen CEO, walked through the woods in May 2019 and smiled as he sprayed Fireball into the mouths of his employees using a fake fire extinguisher. Five days of celebrations for the UK-based travel company and events were held at Pollen, where 400 employees camped out.

Pollen’s parent company was bankrupt three years later. About 430 employees were laid off without receiving their last paychecks. According to Insider’s internal spreadsheet, Pollen and its subsidiaries owed customers $8 Million in refunds as of July 20.

Pollen’s collapse seemed shocking from the outside. According to 31 ex-Pollen employees, the implosion had been years in the making. Many Pollen employees operated too much like their festivals. Drugs were common, heavy drinking, and partying were all part of the job description.

The implosion of Pollen.

WFH whistleblowers are on the rise

EHStockphoto/Shutterstock; Rachel Mendelson/Insider

Over the past few years, the Securities and Exchange Commission saw a significant increase in whistleblower complaints. This fiscal year saw a record 12,300 tips. That’s a 136% increase over 2019. This surge could not have been accidental.

Employees began to rethink their relationship to work as the pandemic spread. Many people were able to come to terms with the mistreatment at work and report it by creating a space between their employer and employee.

Remote work has sparked a flood in whistleblowers.

Inside the grumblings at Goldman Sachs

Crains New York

At Goldman Sachs, there is a dissatisfaction. Some of it can be attributed to CEO David Solomon. Given rising interest rates, slow dealmaking, and the fact that bonuses are likely to drop across Wall Street, it’s not surprising that they will.

Many insiders at Goldman say that there is growing resentment because Solomon isn’t doing more for money-losing groups — which could lead to defections from the bank’s top ranks.

Learn more about the turmoil at Goldman Sachs.

This week’s quote

It’s funny to hear buyers complaining about the market and wanting to get a great deal within a year. It’s unrealistic. It’s impossible. I’ve been playing this game for a while and have seen the people who lose every time.

Jason Oppenheim, star of “Selling Sunset”, shares his top advice for homebuyers.

Here are more of the week’s top picks

How Delish’s hit YouTube show “Budget Eats” came crashing down.Nike employees described “sloppy drunk” men and witnessing oral sex in newly unsealed surveys.Wall Street landlords are lying in wait for their biggest American home-buying spree yet — and they’ve stockpiled $110 billion.Black women are leaving corporate America to launch their own businesses, creating a hole for talent across industries.The cushy perks of tech work are rapidly disappearing.Investors named 33 healthcare and biotech startups that they expect to take off in 2023.Tech recruiters from Meta and Microsoft share their best advice for laid-off workers.See inside the Ocean Endeavor, a ship that sails to Antarctica. You can buy a room for as high as $10,000.

Matt Turner curated. Edited and edited by Jordan Parker Erb, Hallam bullock, and Lisa Ryan. Register for more Insider newsletters by clicking here.

Business Insider has the original article.
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By: hbullock@insider.com (Hallam Bullock,Matt Turner,Jordan Parker Erb,Lisa Ryan)
Title: How Elon Musk’s brutal crackdown at Twitter is inspiring Tech founders and investors
Sourced From: www.businessinsider.com/how-elon-musks-brutal-crackdown-twitter-is-inspiring-tech-founders-2022-12
Published Date: Sun, 25 Dec 2022 13:30:00 +0000