Elon Musk accepts mistake in firing Twitter employees en masse, will rehire some people

Since taking over Twitter, Elon Musk has implemented significant changes to the ethos at Twitter, which included reducing the headcount by almost 90 per cent. Under his management of the social media platform, the number of people working at Twitter went from around 8,000 to just above 1,000. Twitter had to lay off most of its staff to cut costs and profitability. However, in a recent interview, Musk stated that he plans to rehire some of the employees who were let go during the restructuring, as he believes that some of the job cuts were excessive. Musk accepts erroneously firing a lot of people During an interview with CNBC’s David Faber after the 2023 Tesla annual shareholder meeting, Musk acknowledged that some of the individuals who lost their jobs should not have been part of the downsizing. **Also read: Twitter has asked some of its fired employees to come back, says they were fired 'mistakenly': Report** Musk acknowledged that the decision to rapidly downsize was a result of the company’s dire financial situation, stating, “In desperate times, desperate measures are called for… Unfortunately, when you do it quickly, some innocent people may be affected.” In light of this, Twitter is now planning to rehire some of the employees who were laid off, indicating a course correction. “I think we absolutely need to hire people. And if they’re not too mad at us, probably rehire some of the people that we let go,” he said. Complete confidence in Linda Yaccarino’s ability to bring back advertisers Regarding the appointment of Linda Yaccarino, a former NBCUniversal executive, as CEO of Twitter, Musk expressed confidence in her abilities. He mentioned that Linda would oversee the company’s operations while he focused on creating innovative products. **Also read: Change In Command: Elon Musk to step down as Twitter CEO, NBC Exec Linda Yaccarino to take over** Recognizing Twitter’s heavy reliance on advertising revenue, Musk highlighted Yaccarino’s expertise in this field, emphasizing that his own skills and interests primarily revolve around technology. Musk also provided insight into the challenging financial circumstances that Twitter faced when he acquired the company. Upon completing the deal, Twitter had a negative cash flow of $3 billion, with only $1 billion in available cash. Musk cornered into acquiring Twitter When Musk tried to back out of his takeover bid, the board, led by then-CEO Parag Agrawal took Musk to court, which resulted in a legal battle that forced Musk to uphold the terms of his offer. Reflecting on the situation, Musk commented, “Essentially, they had me cornered, saying, ‘No, you have to acquire us!’” **Also read: How Parag Agrawal forced Elon Musk to buy Twitter and walked away with $42 million after getting fired** Since the acquisition in October 2022, Musk stated that Twitter’s ad revenue has significantly declined, by up to 50 per cent. As a result, he revised the company’s valuation to $20 billion, a significant decrease from the initial $44 billion price that he had to cough up at the time of acquisition. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.