[TAG0][TAG1]
- Elon Musk told the WSJ Chief Executive Council that Big Tech could cut more jobs without affecting productivity.
- Musk stated that Twitter was full of people who were doing things which didn't appear to be of much value.
- Since he bought Twitter for $44 Billion, there have been many layoffs.
Elon Musk believes that Big Tech could probably afford to reduce staff numbers without negatively impacting productivity.
Musk stated this during a Tuesday interview with The Wall Street Journal CEO Council.
Musk, the CEO and CTO of Twitter, commented on the cost-cutting measures taken by the company and others in Silicon Valley. Many have been hit hard this year with massive layoffs.
According to tracker layoffs.fyi 165,000 tech workers were laid off globally in 2022. This number has risen to nearly 200,000 tech employees being laid off in 2023.
Twitter is among the Big Tech companies to have seen its headcount drastically reduced since Musk purchased the company last year for $44 billion.
On May 2, Insider's Kali Hays stated that Twitter had a headcount of around 1,000 employees, down from 7,500 when Musk purchased the social media company.
Musk, speaking at the CEO Forum about Twitter's staff before he became the CEO, said: "There were many people doing things which didn't seem to be of much value."
He said that this probably applies to most Silicon Valley firms.
He added, "Twitter had a meeting with 10 people – one with an accelerator, and nine with brakes. You didn't get very far."
He added that even with a smaller staff, Twitter was "gungho" to release more features and functionality in the past six months than in the previous six years.
Musk stated that Twitter would be hiring more staff. Musk called 1,500 employees "a reasonable amount" without providing any further details.
Musk said to the BBC that Twitter was also "roughly breakeven" in April. Musk said that in the interview on Tuesday, Twitter could become cashflow-positive in June "if lucky". This was a statement he made first in March.
Musk said, "I hope we are on a comeback."
Twitter's automated response to Insider's comment request was a message that did not address the issue.
—————————————————————————————————————————————
By: htan@insider.com (Huileng Tan)
Title: Elon Musk says there’s more room for job cuts at Big Tech companies
Sourced From: www.businessinsider.com/elon-musk-big-tech-companies-more-room-for-job-cuts-2023-5
Published Date: Wed, 24 May 2023 09:28:26 +0000
Related posts:
Ted Cruz launches Big Tech Investigation into Big Tech Censorship. Elon Musk says he has ‘changed Silicon Valley’
A judge dismissed the lawsuit of Twitter staffers laid off who claimed Elon Musk’s cuts were unfairly targeting women
Silicon Valley elites are at war over who does fake work’ in tech
Amazon and Coinbase are making thousands of cuts to their workforces as they continue to see layoffs well into 2023. Here is the full list.
Leave a Reply