Elon Musk told bankers affiliated with his $44 billion Twitter deal that he would focus on the social media company’s bottom line, and even pitched the concept of cutting costs and jobs, according to a report from Bloomberg.
The news, reported by those familiar with the matter, specifically included the mention of job cuts, though Musk still doesn’t have access to Twitter’s non-public financial details as of yet.
In addition to cuts, Musk mentioned monetizing the platform and boosting cash flow, with the potential for a kind of subscription service to add a stream of recurring revenue.
Musk didn’t detail what departments or roles might be at risk of being cut, nor did he specify how he planned to generate financial returns. He stressed his background of success with Tesla and SpaceX, for his ability to generate returns for companies.
According to Musk’s plans, he reiterated Twitter needs to have more influencers use the platform.
Elon Musk Sold Nearly $4 Billion Worth of Tesla Shares This Week https://t.co/D1mSGkvrj8
— TeslaNorth.com (@RealTeslaNorth) April 29, 2022
At a recent TED conference following his initial offer to buy Twitter, Musk also expressed his disinterest in the financial side of the deal.
Musk said, “I don’t care about the economics at all.”
Musk is taking the company private at $54.20 per share, though it’s not yet clear what could change at the company — exacerbated by Twitter’s management not holding a quarterly earnings call with investors on Thursday.
Earlier this month, prior to the offer, Musk said Twitter Blue subscribers should get an authentication checkmark — perhaps a nod to potential plans to double-down on subscription services.
