According to a Bloomberg News report, Musk has sold shares of carmaker Tesla worth $3.95 billion after buying social media company Twitter for $44 billion. In his first mail to employees, Musk warned that the “weak economic conditions” in the US mean challenges lie ahead for Twitter. Analysts forecast an increase in ad spend for 2023, which could be detrimental to Twitter. A large portion of Twitter’s revenue comes from advertisements.
Musk opposes work from home
The billionaire businessman says he can’t ‘lie’ about the challenges. Earlier, Musk had opposed work from home. He said that only “certain” people would be allowed to do so. According to Bloomberg, in a mail, Musk said that the road ahead is difficult and that achieving success will require hard work. He said that the top priority in the next few days is to find and suspend the bots/trolls/spam.
Twitter ads down
Musk’s management could affect Twitter’s ad revenue. Several companies such as carmaker Audi and insurance company Allianz have halted advertising spend on Twitter after he bought the social media company. A report said that to meet Musk’s deadline, the workload in the company has increased so much that some managers have to sleep in the office on Sundays and Saturdays.