While trying to read the Head of Consumer Product's exit Twitter post which was split across 8 or 9 separate Tweets, I was prevented from reading them by the login wall pop up. For me this sums up a lot about the state of the product.
Twitter CEO fires two top executives, freezes hiring
161–170 of 1000 posts
Re: Twitter CEO fires two top executives, freezes hiring
#162Parags role has changed from ceo to hatchet man
Re: Twitter CEO fires two top executives, freezes hiring
#163Earlier quoted context omitted.
So there's a few things that could be in play here. 1. The tech market right now is a shit show, Twitter has only been saved from the general market trends because of the Elon offer. Once the Elon offer closes or falls through, Twitter's stock will correct. While Twitter is healthier is the time to get set up for that inevitable correction. The current market is driving fairly drastic action in the Tech Sector, just…
So…if the deal goes through the stock cannot “correct” because there will be no open market for twitter shares. Elon is proposing to buy all the shares, not just a controlling majority. Twitter would no longer be on the NYSE. So twitter can be saved from general market trends indefinitely, as long as whoever is bankrolling it can continue feeding it cash whenever twitter operates at a loss.
Elon isn't going to hold 100% of the shares. He already has a ton of VCs and other outside investors (including some funds) lined up to finance the deal. So Twitter will still be active on private markets.
Re: Twitter CEO fires two top executives, freezes hiring
#164Earlier quoted context omitted.
Why do you think this isn't what is required as part of the acquisition plan?
That's not how acquisitions work. Elon made the offer, it was accepted. Now the company has to continue to operate without his influence until the deal actually closes.
> Now the company has to continue to operate without his influence until the deal actually closes.
What do you mean by "have to"? Do you mean there is a legal obligation?
Re: Twitter CEO fires two top executives, freezes hiring
#165If he's fired now the current board can offer him a severance package that may not be on the table once Elon takes over. Might be a good thing, or strategic?
Wild. Technically is that legal?
Re: Twitter CEO fires two top executives, freezes hiring
#166Earlier quoted context omitted.
Elon Musk has no intention of actually acquiring Twitter. He's just using it as a smoke screen to liquidate a huge amount of Tesla stock. The fact that TWTR is currently trading at a 25% discount to the supposed acquisition price shows I am not the only person in the market who doubts the ultimate consummation of the acquisition.
Interesting thought. But if he doesn't go through with it, he will be on the hook for a $1B penalty. Is that perhaps a selling fee that makes sense for him to pay?
He would only be trading it for the chance to go to court and argue over who owes the $1e9 and to whom.
Re: Twitter CEO fires two top executives, freezes hiring
#167So there's two options right - the first is that Parag is for some reason making big strategic decisions about the direction of the company despite the fact that we all know he'll be gone if the deal closes. Or he's making big strategic changes at the behest of the acquirers before the deal closes. Neither of these things seem particularly kosher moves to make. The question is how to figure out which one it is. It wo…
You're discounting the very real possibility that Parag is operating as if the deal will not go through, and is making large strategic decisions in anticipation of that being the case. For Parag, I don't see it "burning his reputation" at all, considering either a) he's right and will face the tall task of helming a Twitter that continues to disappoint its investors or b) he's wrong and it won't be his problem when E…
But what's changed? If Parag wanted to go this direction why didn't he do it when he took over as CEO?
Re: Twitter CEO fires two top executives, freezes hiring
#168Earlier quoted context omitted.
The fact that the stock price is roughly halfway between the pre-Musk price and Musk's bid suggests the market expects roughly a 50% chance the deal will actually go through.
its probably higher than that. Imagine what it would be if it had crashed along with everything else in the market. If the deal breaks the stock is probably worth 25-30$
That's a good point. Metaculus estimates 85%. If Parag thinks there's a non-trivial chance the deal falls through his actions make sense.
Re: Twitter CEO fires two top executives, freezes hiring
#169Earlier quoted context omitted.
Firing while on paternity leave isn't really that bad as long as they give you severance to cover paternity leave plus some extra - which I'm guessing they did since severance packages for higher ups tend to be pretty good. (As compared to no severance or two weeks that many ICs get)
I mean, it's still getting fired heading into a recession shortly after having a kid.
He's very high up. He's not going to be suffering like the serfs below him. I've seen many let go with no severance or two weeks in a worse recession - including those who don't have a 8+ figure NW...
Don't be fooled - the guy is quite rich.
Re: Twitter CEO fires two top executives, freezes hiring
#170Not sure what he is proud of? Twitter did NOTHING for a decade. That’s why they’re being acquired. Zuckerberg was right about his “clown car” comment.