Earlier quoted context omitted.
It takes time to correct 10 years of ZIRP, plus COVID overhiring that doubled the headcount of those 10 years in just 2-3. The jig was up when social media like Reddit and tiktok during the pandemic was full of posts with big tech workers gloating about getting hired for six figure salaries to sleep in and play video games at home while putting in 2 hours of work a week, obvious to anyone with two neurons to rub toge…
> Further reinforced with Elon firing 80% of Twitter and the website didn't stop working, reminding big tech CEOs that they can also start looking into trimming the overhiring fat in their back yard, with no operational loss. I would argue Twitter is in a worse state operationally, but either way it’s moot because one simply has to look at the company’s valuation since Musk took over to see things aren’t going well.…
X doesn't seem to be in any worse state operationally. The site's uptime is fine, and they've launched a ton of new features that were well received by the userbase. So: 80% fewer people, site remains operational, new feature launches have if anything accelerated. That is a success by any companies measure.
The left is now trying to rewrite history and claim the fall in valuation is because Musk took it over, but it's not. Twitter's valuation was already falling rapidly before Musk entered the game at all. Like many tech firms its price had a COVID surge. The valuations of multiple tech companies were fell sharply right as he was in the middle of the acquisition. The timing was unlucky and he overpaid. That's why he tried to back out of the deal and, if you remember, why the Twitter board went to court to force him to acquire the company against his will.
https://www.bbc.com/news/business-62102821
> There are other potential reasons why Mr Musk might want to pull out of the deal. The stock market price for large tech companies has fallen steeply in the last few months - did Musk offer too much?
The subsequent advertiser boycott says nothing about whether you can cut a company like Twitter by 80% and still have it function. That was caused by Musk publicly rejecting leftist claims as false. CEOs don't care about that because they can cut employees whilst claiming to be increasing diversity and the left will leave them alone.