When he doesn’t fire Twitter employee today, Elon Musk appeared at a conference where he joked that he was having second thoughts about acquiring the social media giant he is currently racing to overhaul. .
“I was trying to get out of the deal, it was like that scene in ‘The Godfather,'” he said at the Baron Investment Conference in New York City. based on The insider.
Musk is likely referring to Al Pacino’s famous quote in The Godfather Part III: “Just when I thought I was out, they pulled me in.”
After reaching a deal to buy Twitter in April for $44 billion, Musk tried to back out because of what he described as the huge number of “bot” accounts on the platform. Twitter sued Musk in an attempt to force a sale and ultimately got what it wanted when Musk invested.
“I mean I think most people would say, [the] The market has grown this year, prices are on the high side,” Musk admitted on stage at the conference.
Indeed, the price tag is much higher than the value of the platform, based on Wedbush Securities technology analyst Dan Ives. In a note to clients, Ives called the purchase “one of the highest-paid technology acquisitions in the history of Street M&A,” arguing that a fairer price would be $25. billion USD.
Now, a week after taking over, Musk is making a drastic cut on Twitter. Bloomberg before report that he plans to lay off about 3,700 workers, or 50% of the workforce.
At the conference, Musk said he hoped the job cuts would save the company $400 million a year, Insiders report. But otherwise, he did not elaborate on the layoffs, reports said.
The world’s richest man also muses about the work ethic of the rich – creating an implicit contrast to his own. He is the CEO of three different companies: Twitter, Teslaand SpaceX; founder of two others, tunneling startup The Boring Company and brain chip startup Neuralink; and self-identified as a workaholic.
“So when a company is prosperous and then everyone gets rich, for many people when they become rich independently, they can’t work for themselves or they don’t want to work. ,” Musk said. “And that is completely understandable and without judgment. I mean I have a lot of incredibly talented friends and they had some success earlier in life and they just decided that was enough. ”
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