Musk floats paid Twitter verification, fires board
“I do think there will be a lot of layoffs,” said Matthew Faulkner, an assistant finance professor at San Jose State University. Faulkner noted the need for cost-cutting after Musk bought Twitter for a premium and the platform’s long-time struggles trying to turn a profit. But Musk might also want as quickly as possible to weed out employees who don’t believe in his mission so that those who stay feel more secure.
Krishnan, who is also a former Twitter product executive, said in a tweet that it is “a hugely important company and can have great impact on the world and Elon is the person to make it happen.” Musk agreed to buy Twitter for $44 billion in April but it wasn’t until Thursday evening that he finally closed the deal, after his attempts to back out of it led to a protracted legal fight with the company. Musk’s lawyers are now asking the Delaware Chancery Court to throw out the case, according to a court filing made public Monday. The two sides were supposed to go to trial in November if they didn’t close the deal by the end of last week.
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