Today's blog is an update on a past blog.
Update On A Past Blog
Elon Musk purchased Twitter for $44B which closed on Fri Oct 28, 2022. All shareholders receive $54.20 per share. Twitter becomes a private company. Musk's first business move was firing CEO Parag Agrawal, CFO Ned Sagal, chief legal affairs Vijaya Gadde, and head general counsel Sean Edgett. Musk played the Steve Jobs card. Jobs fired 25% of the executives and senior managers in his bozo list when he returned to Apple in 1997.
Musk tweeted on Nov 4, 2022 Twitter loses $4M a day. The screenshot above is timestamped today at 3:50pm. Layoffs began on Nov 4, 2022. The recent Twitter events reminds me when I worked at a retail start-up from Nov 2013 to Sep 2014. I blogged Another Start-Up Business Is Out Of Business written on Aug 14, 2021 and Three Years Later Scanners For Bar Codes written on Oct 22, 2020. I mentioned bad management or bad ownership in the first blog. "There are no such thing as bad companies; it's bad management makes companies bad" is a common business knowledge. The business sold high-end wine, beer, and sake at discount prices. Great business idea. Poor business ownership. One example of poor business ownership was the second blog. It took three years for ownership to invest in a barcode system for inventory and sales. Barcodes existed for decades. I mentioned make changes when problems are clear and present. Fix the problems now.
Twitter is a great business idea. Twitter is a social media service for people micro blogging. Musk is doing his best to turnaround Twitter with good ownership and good management solving problems now.
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