Elon Musk offers to buy Twitter for $54.20 per share.

I can't believe we banned Ted just for words he said to someone not even on the board!

This will end well.

NEW: Elon Musk plans to eliminate ~3,700 jobs at Twitter on Friday. About half the staff. He also plans to end the “work from anywhere” policy… story w/ @EdLudlow

https://twitter.com/kurtwagner8/status/1587960063959789568?s=46&t=sJsgY9H_QEIOeUDULsxbdg

I’m surprised at how quickly this fucking clown is proving himself to be a god damn moron.

Yeah, Twitter's HQ is in San Francisco, some of the highest rents in the world. If you've been working there a decade and have been smart with your money probably, if you've been working there a couple of years there's a good chance you need your job.

And Twitter isn't like old school Microsoft or Google. It made a profit for the first time in 2018, and didn't in 2020 and 2021...

I can.

who knew that freeze peach only costs $8 per month? what a bargain!!

Flip side, I’m pretty sure SF has some pretty solid renter protections so you aren’t getting thrown out on the second if you don’t pay by the first.

In Seattle it is something like six months for an eviction for a small landlord. Twelve for a large.

So anyone with the talent to work at Twitter should have a better than decent shot of landing on their feet medium/long term.

Not to mention severance and/or unemployment.

It's pretty rare that the peons working in SF in the tech industry actually live in SF. More likely they are in the East Bay, some which also has rent control!

It’s not a hard labor market in tech in the Bay Area. There are dozens, hundreds of companies just hoping Musk actually goes through with the layoffs. They’d be thrilled to grab anyone even before he starts.

Apart from anything else it's bizarre how off-the-cuff and not-thought-through it all appears to be. Anyone involved in a large organisation understands that you can't radically transform how it operates in such a short period.

How did the compensation for the equity and stock options they'd been given as employees work, though? Shareholders get paid at some date (or have been paid already), but if you're an employee who was waiting on your stock options to vest, what happens with those? Do you automatically get paid for them as if you already owned the stock, or do you have to wait until when you would have been vested to get the payout? Or did you just lose it? It seems to me (and I might be wrong about this) that telling people who were waiting until their shares were vested that they're SOL is a good way to get them to quit now. Telling them that they have to wait until their shares were vested to get a payout is a good way to get them to stay (since there's no way that they'd have gotten that kind of money had Musk not bought Twitter so the stuff's now more valuable than when they would have been able to cash them out). There's also a way to give employees faux-equity that corporate will tell you is just like owning stock in the company, but actually isn't and when you get fired or quit, you lose it all. That may have been what employees who were waiting on their shares to vest were given. Jack Dorsey did something like that, rather than take the $1 billion or so he'd have gotten from the buyout for all his shares.

And I don't know about the tech job market right now. Microsoft and Google have previously announced hiring freezes and layoffs, as have some other tech companies. That might mean an ex-Twitter employee may have trouble finding a job that pays what they were making, or finds one as quickly as they might have in the recent past. Nor am I certain that someone who works at Twitter, making good money and living in SF proper, could necessarily handle the expenses of living there without a steady paycheck. A buddy of mine is a lawyer in SF (in his mid-50s, so not someone just starting out, or with a lot of college debt left). Until recently, he was living with his girlfriend in a cramped studio apartment (or at least that's what it looked like from the photos), in sort of a middling-looking part of town, and it took him months after they broke up before he could find a place he could afford to live in on his own.

A whole lotta details about everything that I don't know, of course, but I could easily imagine a lot of other people being in a similar situation as him.

Interest rates are exploding due to the Feds inflation fighting measures - which of course likely won't be very impactful because most of it is the high cost of fuel due to Putin's war, supply chain issues due to China's war on covid, and of course a huge dose of corporate greed.

One thing for sure, unemployment is going to rise as cheap money goes bye bye. Next year is projected to have a significant hit on unemployment.

I for one am shocked that big baby Musk is throwing a temper tantrum after getting owned by AOC.

https://twitter.com/aoc/status/1588174959817658368?s=46&t=OcS6Vj2rFZFaDcMWu4pqFA

I would like to pay tribute to my good friend Simon, permanently banned from Twitter after switching his display name to be Elon Musk and posting. Forever silenced, so that freedom of speech may live on. I salute his sacrifice.

https://twitter.com/blogjam/status/1588107736298180608?s=46&t=XMXuHYvjCK8wYVQuxYCKgw

Everyone knows it's a white checkmark, not a blue one right? I feel like I'm taking crazy pills here

https://en.wikipedia.org/wiki/False_memory#Mandela_Effect

From the link:

"Other examples include memories of the title of the Berenstain Bears children's books being spelled Berenstein"



My entire childhood has just exploded.

But the blonde girl in Moonraker who fell in love with Jaws had braces, right?

Changes based on what colour scheme you're using.

Where's the temper tantrum?

Click the link Sparky.

In an email sent company wide, Twitter confirms there will be layoffs tomorrow.

Everyone in the company will receive an email about their role by 9am Pacific.

The email says all offices will be temporarily closed and employees who are currently in the office should go home.

https://twitter.com/yashar/status/1588327845348093952?s=46&t=XMXuHYvjCK8wYVQuxYCKgw


We are quite possibly gonna see how someone can turn $44B into nothing.

Holy fuck this is bad/stupid (emphasis mine):


We saw internal docs with more insight into the new Twitter Blue:

-Launch on Nov. 7 but only in current markets (US, CA, Aus, NZ)
-Check marks for subscribers, no current ID authentication
-Some features announced by Musk won't be ready
-Euro launch soon

https://twitter.com/rmac18/status/1588304086792667136?s=46&t=XMXuHYvjCK8wYVQuxYCKgw

So basically the checkmark is worthless now.

Damn this dude REALLY doesn’t get it…

Dunning-Krueger is supposed to explain why idiots can't recognize their own stupidity, but is there something that explains how geniuses can't recognize the limits of their brilliance? Yeah, Musk is brilliant, but obviously this isn't in his wheelhouse...

I think we can all agree that if not the GOAT then Jordan will be in every conversation.

He was REALLY good at basketball in other words.

Jordan is also the first NBA player to become a billionaire and is now worth almost 2 billion with the majority of which he earned after retiring.

So he is good at business (or at least good at hiring those good at business).

Those two facts would lead to the reasonable assumption that he would be good at the business of basketball.

However reality has shown that to most definitely NOT be true. It is hard to overstate just how much he has completely sucked as first a GM and then as an owner. And we’ve got almost twenty years of sample size now. He clearly, definitely SUCKS at the business of basketball.

All that to say that just because you are really REALLY good at one thing (or a couple things) doesn’t mean you will be good at adjacent (or seemingly adjacent) things.

Still want to know about this @Uncle Albert. If there should be no limits surely it isn't hard to confirm that if given the keys to WF you would permit people spamming the N word, lynching pictures, and allow literal Nazi supporters to post.

Nobelitis is what often happens when someone wins a Nobel Prize and proceeds to think that they’re an expert on everything.

(Reuters) - Elon Musk has directed Twitter Inc's teams to find over $1 billion in annual infrastructure cost savings by cutting cloud services and extra server space, according to two sources familiar .. and an internal Slack message seen by @Reuters.

https://twitter.com/carlquintanilla/status/1588287341554458624?s=46&t=thrYGFa45ZK0Cy-qZv9ZoQ