\u201cI own the responsibility for why everyone is in this situation: I grew the company size too quickly,\u201d he tweeted Saturday. \u201cI apologize for that.\u201d<\/p>\n
Musk tweeted late Friday that there was no choice but to cut jobs \u201cwhen the company is losing over $4M\/day.\u201d He did not provide details on the daily losses at Twitter and said employees who lost their jobs were offered three months\u2019 pay as severance.<\/p>\n
<\/div>\n
He also said Twitter has already seen \u201ca massive drop in revenue\u201d as advertisers face pressure from activists to get off the platform, which heavily relies on advertising to make money.<\/p>\n
United Airlines on Saturday became the latest major brand to pause advertising on Twitter, joining companies including General Motors, REI, General Mills and Audi.<\/p>\n
Musk tried to reassure advertisers last week, saying Twitter would not become a \u201cfree-for-all hellscape\u201d because of what he calls his commitment to free speech.<\/p>\n
But concerns remain about whether a lighter touch on content moderation at Twitter will result in users sending out more offensive tweets. That could hurt companies\u2019 brands if their advertisements appear next to them.<\/p>\n
U.N. High Commissioner for Human Rights Volker T\u00fcrk on Saturday urged Musk to \u201censure human rights are central to the management of Twitter.\u201d In an open letter, T\u00fcrk said reports that the company\u2019s whole human rights team and much of the ethical AI team were laid off was not \u201can encouraging start.\u201d<\/p>\n
\u201cLike all companies, Twitter needs to understand the harms associated with its platform and take steps to address them,\u201d T\u00fcrk said. \u201cRespect for our shared human rights should set the guardrails for the platform\u2019s use and evolution.\u201d<\/p>\n
Meanwhile, Twitter can not simply cut costs to grow profits, and Musk needs to find ways to raise more revenue, said Dan Ives, an analyst with Wedbush. But that may be easier said than done with the new subscription program for blue checks.<\/p>\n
\u201cUsers have gotten this for free,\u201d Ives said. \u201cThere may be massive pushback.\u201d<\/p>\n
He expects 20% to 25% of Twitter\u2019s verified users to sign up initially. The stakes are high for Musk and Twitter to get this right early and for signups to work smoothly, he added.<\/p>\n
\u201cYou don\u2019t have a second chance to make a first impression,\u201d Ives said. \u201cIt\u2019s been a train-wreck first week for Musk owning the Twitter platform. Now you\u2019ve cut 50% (of the workforce). There are questions about just the stability of the platform, and advertisers are watching this with a keen eye.\u201d<\/p>\n
<\/div>\n
AP Business Writer Stan Choe contributed from New York. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Twitter has announced a subscription service for $7.99 a month that includes a blue check now given only to verified accounts as new owner Elon Musk works to overhaul the platform\u2019s verification system just ahead of U.S. midterm elections. In an update to Apple iOS devices available in the U.S., Canada, Australia, New Zealand and […]<\/p>\n","protected":false},"author":2,"featured_media":8165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[56],"tags":[],"class_list":["post-8166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/teachbytes.com\/wp-content\/uploads\/2022\/11\/106981719-16382116412021-11-29t143438z_1944405293_rc2e4r9t4sku_rtrmadp_0_twitter-ceo-scaled.jpeg","_links":{"self":[{"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/posts\/8166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/comments?post=8166"}],"version-history":[{"count":1,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/posts\/8166\/revisions"}],"predecessor-version":[{"id":8167,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/posts\/8166\/revisions\/8167"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/media\/8165"}],"wp:attachment":[{"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/media?parent=8166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/categories?post=8166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/tags?post=8166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}