According to the Financial Times, Musk said he recently sold Tesla shares to “save” Twitter. He sold nearly $4 billion in Tesla stock, according to regulatory filings this week. Even so, Twitter remains overstaffed after halving its 7,500 employees last week in a massive layoff.
Two senior executives of Musk’s new management team — Yoel Roth, who took over the Trust and Safety division, and Robin Wheeler, vice president of sales, took over on Nov. 10, according to people familiar with the matter. Both have resigned. It was one of the company’s most nerve-wracking days, as Wheeler oversees Twitter’s relationship with advertisers.
It is reported that Twitter has a considerable debt load, and some advertisers have suspended advertising spending on the platform because of concerns that Musk will loosen Twitter’s hate speech censorship norms.
While discussing Twitter’s finances and future, Musk told employees that the days of the office offering free food and other perks are over.
He also said that Twitter urgently needs to make users willing to pay $8 a month for its subscription product, Twitter Blue, given the company’s revenue has been affected by the ad removal.