OPINION: This article contains commentary which may reflect the author's opinion
Last week we learned that after Elon Musk completes his $44 billion acquisition of Twitter, he will serve as the company’s temporary CEO, according to reports.
Following the buyout, CNBC reported on Thursday morning that the Musk will remain in that role for a few months.
This move could create havoc at the social media titan, where Parag Agrawal has been CEO only for a few months.
The announcement came after Musk revealed that 18 investors had pledged to pony up a combined amount of more than $7 billion to help fund his takeover.
Now, Musk is sending out a warning to any employees who are about to join him.
The CEO of Tesla, SpaceX, and Starlink said on Saturday that new and existing employees should get working.
“Work ethic expectations would be extreme, but much less than I demand of myself,” he tweeted.
Several tweets before this one attracted attention.
Musk shared more information about his plans for the platform on Friday.
“If Twitter acquisition completes, company will be super focused on hardcore software engineering, design, infosec & server hardware,” Musk tweeted Friday morning in a post accompanied by a Fortune article link.
“I strongly believe that all managers in a technical area must be technically excellent. Managers in software must write great software or it’s like being a cavalry captain who can’t ride a horse!” he proclaimed.
Even though Musk doesn’t hold control over Twitter yet, the platform is receiving a lot more attention in anticipation of the deal going through – much to the chagrin of its current employees.
Fortune reports that Twitter’s employment interest has skyrocketed since the board of directors approved the buyout offer of SpaceX and Starlink founder Elon Musk:
It’s still unclear how a Musk-run Twitter might impact the company’s ability to retain current staff and recruit new employees. The company presented the takeover as a potential threat to its staffing abilities in an SEC filing Monday.
But at least casual interest in open positions at the company has skyrocketed since the Tesla billionaire showed serious interest in taking over the company.
On Thursday, Daniel Zhao, a senior economist and data scientist at the job insights platform Glassdoor, tweeted that interest in job openings at the social media giant was up 263% between April 24 and April 30.
“Some trivia: With the announcement of Elon Musk’s Twitter acquisition offer being accepted, interest in Twitter jobs on Glassdoor rose 263 percent last week (4/24-4/30), compared to the March 2022 baseline,” Zhao posted on the platform.
He then went on to say: “Well, the above data is made more relevant by today’s news. Say what you will about Elon, he does have a large fanbase of ppl excited to work for him. He’s much more likely to capitalize on that attraction as CEO than owner.”
Well, the above data is made more relevant by today's news. Say what you will about Elon, he does have a large fanbase of ppl excited to work for him. He's much more likely to capitalize on that attraction as CEO than owner.https://t.co/DxldJ1Hrqp
— Daniel Zhao (@DanielBZhao) May 5, 2022
As Zhao explained to the financial news outlet, interest in Twitter job postings is gauged by the number of clicks on those postings on a daily basis, compared to the number of clicks on Twitter jobs in a March 2022 baseline before news broke of Musk’s interest in the social media giant.
Moreover, while clicks may not always equate to actual job applications and may simply reflect the attention he is getting in the media, “the increase shows that people appear to be interested not just in the media story, but in work available at the company,” according to the outlet.
Moreover, Fortune reported that while the majority of Americans – 59 percent – approve of Musk’s takeover, “some current Twitter staff worry that it will dramatically change the company’s culture, and overall direction.”
This is likely to be the case if Musk makes some of the changes he has advertised. This includes reducing censorship and promoting free speech.
According to David Fabor of CNBC, Musk is “expected to serve as a temporary CEO of Twitter for a few months after he completes his $44 billion take over of the social media company.”
“The report comes as Musk has secured $7.1 billion in new funding for the deal from a group of more than a dozen investors, including Oracle co-founder Larry Ellison, cryptocurrency exchange Binance, Fidelity, and Brookfield Asset Management. In addition, Saudi Prince Alwaleed Bin Talal Bin Alsaud has agreed to retain his 34,948,975 Twitter shares, worth approximately $1.9 billion,” according to Fox Business.
“As a result of the new commitments, Musk’s margin loan financing for the deal has been reduced from $12.5 billion to $6.25 billion, while his equity financing has increased from $21 billion to $27.25 billion. Musk’s filing with the Securities and Exchange Commission emphasizes that he is currently in discussions with existing shareholders of Twitter common stock, including co-founder Jack Dorsey, regarding ‘the possibility of contributing such shares of Common stock, at or immediately prior to the closing of the Merger, in order to retain an equity investment in Twitter following completion of the merger,’” the report continued.