Elon Musk, the new ‘dictator’ of Twitter Inc. moves to shut two of its three sites in India. Mandate remote work highlights Elon Musk’s goal to cut costs. Hence, transform the struggling social media platform into a profit. Those with knowledge of the issue claim that Twitter terminated more than 90% of its 200+ workers in India. Including the financial hub of Mumbai and the political capital of New Delhi. According to the individuals, they declined to be named because the information is private. The company still has a facility in Bengaluru, a southern IT hub, where it mostly hires engineers.
The billionaire CEO of Twitter, Elon Musk, has laid off staff members. Shut down offices worldwide to stabilize the company’s finances by the end of 2023. But, India is considered a crucial development region for American software. Which is investing for the long term in the fastest-growing internet industry worldwide. Recent actions by Musk indicate that he does not place as much importance on the market.
Elon Musk is on his way to stabilizing Twitter’s finances by 2023
Elon Musk, a billionaire CEO, has sacked employees and closed offices worldwide to stabilize Twitter’s finances by the end of 2023. But, India is considered a crucial development region for American software behemoths like Meta Platforms Inc. and Google, who are making long-term investments in the internet sector, which is the fastest-growing in the entire globe. Recent actions by Musk indicate that he does not place as much importance on the market.
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With heated political arguments and Prime Minister Narendra Modi’s 86.5 million followers, Twitter has grown to be one of India’s most important public venues in recent years. Nevertheless, Musk’s company doesn’t generate much revenue there and also has to contend with strict content regulations and fierce local competition.
Mass staff departures following Musk’s acquisition, many of whom were fired, have raised concerns about Twitter’s capacity to remain operational and maintain content management. This week, Musk said that he might not be able to stabilize the company and secure its financial stability until the end of the year.
Twitter ‘sued’ by its ‘UNPAID’ workers
After the $44 billion acquisition, Twitter has been ‘sued’ by a number of contractors for unpaid work, hasn’t paid millions of dollars in rent for its offices in San Francisco and London, and has auctioned off everything from bird statues to espresso makers to raise cash.
Musk has also shown public interest in declaring bankruptcy, claiming a “big loss” in revenue. Result in advertisers quitting because they were unsure of Twitter’s ability to filter out offensive information. Significant bugs and outrages have also occurred on the platform, most notably earlier this month.
In conclusion, Twitter’s Indian headquarters are still operational. But it appears that the company is struggling to maintain its financial stability. And to obviously retain its staff, and manage the content that it may publish. It is unknown how well Twitter would do in the very competitive Indian market. If it will be able to get over its current problems as Musk tries to stabilize the company.
In related news, Musk announced his resignation as CEO of Twitter during the Global Government Conference in Dubai. To “make the company stable and simply ensure that it is in a sound and safe financial position. And the product roadmap is clearly set out,” Musk said, I don’t know for sure, but I’m guessing that the new CEO will probably start this year.
