Elon Musk’s Twitter acquisition could see as many as 1000 workers of the social media platform lose their jobs, according to a report from Daily Mail.
According to the report, the richest man in the world would not only be firing some staff but would also be hiring new staff, swelling the number of workers to around 11k immediately after his acquisition is complete. Also, Musk would be taking over as the temporary CEO of the company pending when the acquisition is complete.
The report continued that Musk was planning a number of other controversial decisions like saving $3 million by shutting the headquarters in San Francisco and not paying the salaries of board members.
It was also revealed that the Tesla CEO had plans of cutting the social media site’s dependence on revenue from advertising by introducing subscriptions and other features. By 2028, Twitter’s revenue is expected to rise to over $25 billion from its current $5 billion.
Musk plans to generate $12 billion from ads revenue, and raise around $10 billion from subscriptions to Twitter Blue. This subscription will cost users $3 and paid with Dogecoin
Crypto Community Supports Musk’s Twitter Acquisition
According to a filing submitted to the Securities and Exchange Commission recently, leading crypto exchange, Binance, alongside other investors are supporting Musk’s acquisition of Twitter.
Per the filing, Binance is supporting Musk with $500 million while other investors like venture capital firm Sequoia pledged $800 million, Fidelity is offering $316 million and Andressen Horowitz is supporting with $400 million.
Changpeng Zhao, the CEO of Binance, said
We’re excited to be able to help Elon realize a new vision for Twitter. We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.
Apart from the purchase support, Crypto Twitter believes Musk’s purchase would lead to a steady decline in the number of scams on the platform.