Musk is the perfect example of taking a joke too far. After with ‘s and toying with the idea of building a rival platform, the eccentric billionaire and supposed visionary spent a to become the largest shareholder of the social media company. What followed was months of legal wrangling in a will he, won’t he saga that ultimately ended in Musk to buy the entirety of Twitter for more than what it’s probably worth.
Musk probably felt very stupid about the whole thing but has now likely fallen victim to the sunk-cost fallacy. Instead of reflecting on the decisions that led him to some of his own net worth to buy Twitter for $44 billion, he spent his first few days at the company making dumb jokes, , and crowning himself CEO.
Now he’s hell-bent on .
Just last week, Twitter asked the remaining employees at the company to “working long hours at high intensity” or GTFO. Understandably, hundreds of employees opted to depart instead of working for a megalomaniac, leaving Twitter with a skeleton crew struggling to fix bugs and preventing service outages.
Meanwhile, Musk is trying to to run Twitter. Clearly, fixing the social media company’s problems is beyond Musk’s depth, so he wants someone else to take responsibility while he his ungodly compensation at electronic vehicle firm . But here’s the thing though: Musk decided to lead Twitter of his own accord. If he had no intention of running the business, he could have just left former CEO Parag Agrawal to run Twitter until a replacement was found. In fact, one has to wonder why Musk decided to buy Twitter in the first place and whether in content moderation is a good idea.
Twitter’s former execs are probably having a laugh right now, having used the billionaire’s hostile takeover bid to jump ship and while leaving the world’s richest man to fix the problems that plague the social media company, including its . For now, Musk seems more focused on spurring former U.S. President Donald Trump back to the platform, despite the latter after being unbanned from Twitter.
Twitter ranked #52 in this week’s while Tesla ranked #78.
Layoffs Reach Amazon⛈️
And so it happened. has decided to let go of , following in the footsteps of other tech companies, both small and , in course correcting now that the COVID-19 pandemic is virtually over.
Meanwhile, The Verge a damning report on a less-known practice at Amazon of hiring employees in India and Costa Rica to review warehouse camera footage in a bid to train the company’s warehouse-monitoring algorithms. True to form, Amazon treats its employees even more poorly in low-cost countries, with workers calling their jobs “stressful,” “mind-numbing,” and “crushing.”
Amazon ranked #14 in this week’s rankings.
Business Chat is Where It’s At 🤑🤑🤑
In yet another sign that Mark Zuckerberg’s focus on the metaverse is , the CEO acknowledged the company’s messaging apps WhatsApp and Messenger will drive sales sooner than Horizon Worlds.
“We talk a lot about the very long-term opportunities like the metaverse, but the reality is that business messaging is probably going to be the next major pillar of our business as we work to monetize WhatsApp and Messenger more,” Zuck was in a company-wide meeting following Meta’s decision to let go of 11,000 people.
Meta ranked #16 in this week’s rankings, while and , which are owned by Meta, ranked #1 and #3 respectively.
It’s Worse Than It Looks 😱
FTX’s new CEO John Jay Ray III — notable for managing the largest corporate failures in history, including Enron’s — he had never in his career seen such a complete failure of corporate controls.
Meanwhile, U.S. lawmakers scrambled to figure out for the lax oversight at FTX whose former CEO Sam Bankman-Fried, or SBF, is said to be in an upscale neighborhood in the Bahamas as his now-failed crypto exchange flags nearly in money owed to its 50 biggest creditors.
In Other News..📰
- Note-taking and task management app Evernote is by Italian app developer Bending Spoons. 🤝
- , which ranked #18 this week, on who employees invite for talks at its headquarters. 🔍
- Bob Iger is at Walt Disney Co., BABY! The former CEO, responsible for Marvel, Lucasfilm, and Pixar during his tenure, replaces Bob Chapek after just two years of retiring from the role. 👨💼
And that’s a wrap! This has been the tech company brief, and you were reading Issue #25! See y’all next week. PEACE ☮️
— Sheharyar Khan, Editor, Business Tech @ HackerNoon
L O A D I N G
. . . comments & more!
Musk is the perfect example of taking a joke too far. After with ‘s and toying with the idea of building a rival platform, the eccentric billionaire and supposed visionary spent a to become the largest shareholder of the social media company. What followed was months of legal wrangling in a will he, won’t he saga that ultimately ended in Musk to buy the entirety of Twitter for more than what it’s probably worth.
Musk probably felt very stupid about the whole thing but has now likely fallen victim to the sunk-cost fallacy. Instead of reflecting on the decisions that led him to some of his own net worth to buy Twitter for $44 billion, he spent his first few days at the company making dumb jokes, , and crowning himself CEO.
Now he’s hell-bent on .
Just last week, Twitter asked the remaining employees at the company to “working long hours at high intensity” or GTFO. Understandably, hundreds of employees opted to depart instead of working for a megalomaniac, leaving Twitter with a skeleton crew struggling to fix bugs and preventing service outages.
Meanwhile, Musk is trying to to run Twitter. Clearly, fixing the social media company’s problems is beyond Musk’s depth, so he wants someone else to take responsibility while he his ungodly compensation at electronic vehicle firm . But here’s the thing though: Musk decided to lead Twitter of his own accord. If he had no intention of running the business, he could have just left former CEO Parag Agrawal to run Twitter until a replacement was found. In fact, one has to wonder why Musk decided to buy Twitter in the first place and whether in content moderation is a good idea.
Twitter’s former execs are probably having a laugh right now, having used the billionaire’s hostile takeover bid to jump ship and while leaving the world’s richest man to fix the problems that plague the social media company, including its . For now, Musk seems more focused on spurring former U.S. President Donald Trump back to the platform, despite the latter after being unbanned from Twitter.
Twitter ranked #52 in this week’s while Tesla ranked #78.
Layoffs Reach Amazon⛈️
And so it happened. has decided to let go of , following in the footsteps of other tech companies, both small and , in course correcting now that the COVID-19 pandemic is virtually over.
Meanwhile, The Verge a damning report on a less-known practice at Amazon of hiring employees in India and Costa Rica to review warehouse camera footage in a bid to train the company’s warehouse-monitoring algorithms. True to form, Amazon treats its employees even more poorly in low-cost countries, with workers calling their jobs “stressful,” “mind-numbing,” and “crushing.”
Amazon ranked #14 in this week’s rankings.
Business Chat is Where It’s At 🤑🤑🤑
In yet another sign that Mark Zuckerberg’s focus on the metaverse is , the CEO acknowledged the company’s messaging apps WhatsApp and Messenger will drive sales sooner than Horizon Worlds.
“We talk a lot about the very long-term opportunities like the metaverse, but the reality is that business messaging is probably going to be the next major pillar of our business as we work to monetize WhatsApp and Messenger more,” Zuck was in a company-wide meeting following Meta’s decision to let go of 11,000 people.
Meta ranked #16 in this week’s rankings, while and , which are owned by Meta, ranked #1 and #3 respectively.
It’s Worse Than It Looks 😱
FTX’s new CEO John Jay Ray III — notable for managing the largest corporate failures in history, including Enron’s — he had never in his career seen such a complete failure of corporate controls.
Meanwhile, U.S. lawmakers scrambled to figure out for the lax oversight at FTX whose former CEO Sam Bankman-Fried, or SBF, is said to be in an upscale neighborhood in the Bahamas as his now-failed crypto exchange flags nearly in money owed to its 50 biggest creditors.
In Other News..📰
- Note-taking and task management app Evernote is by Italian app developer Bending Spoons. 🤝
- , which ranked #18 this week, on who employees invite for talks at its headquarters. 🔍
- Bob Iger is at Walt Disney Co., BABY! The former CEO, responsible for Marvel, Lucasfilm, and Pixar during his tenure, replaces Bob Chapek after just two years of retiring from the role. 👨💼
And that’s a wrap! This has been the tech company brief, and you were reading Issue #25! See y’all next week. PEACE ☮️
— Sheharyar Khan, Editor, Business Tech @ HackerNoon
L O A D I N G
. . . comments & more!