Twitter has been hit by a wave of resignations after Elon Musk issued a hard ultimatum for the remaining staff. It just adds another feather to the cap of issues that the social media platform has been facing since Musk took over. The company is now shrouded in uncertainty as no one can really tell where it goes from here.
Twitter Staff Quit In Solidarity
A couple of weeks ago, Musk made true to his word and laid off thousands of workers from Twitter. Understandably, there were also some resignations that followed the layoffs but now, just about two weeks later, the staff of Twitter has begun to quit en masse.
The recent round of resignations comes after Musk had reportedly told Twitter employees that they could take a three-month pay and leave, or stay at the company and work more hours and under more pressure. It came as no surprise when a good number of employees had chosen the former.
Twitter was soon flooded with posts from employees who had chosen to leave the company. Many of these employees had been at the company for close to or more than a decade. Resignations were also not limited to a single department as they came from employees with different skill sets and expertise.
Given this, speculations have begun to make the rounds that Twitter is in its final days. #RIPTwitter has been trending since the resignation started, and Musk had reportedly shut down Twitter HQ in an effort to minimize damage from employees who are quitting.
The Twitter likes of former CEO Parag Agrawal who was fired by Musk show that he has been liking the tweets of previous employees who have posted about resigning from the company, most of them not wanting to remain under Musk’s leadership. According to the New York Times article, the number of employees who have quit run into the hundreds but there is no concrete figure yet.
Impacts On Crypto
In the last few weeks, crypto has been gently decoupling from the Twitter news, although the majority of conversations around crypto still happen on the social media platform. A downfall of the company would no doubt have an impact on the crypto conversation but industry participants will likely move somewhere else quickly and their users will follow them.
In the end, only time will tell if the social media giant will survive or not. Musk would be losing tens of billions if he were to run the company into the ground, so it remains in his best interests to make sure that doesn’t happen.
Crypto has remained flat even through the Twitter debacle. There has been no reaction from the digital assets in the space, whether positive or negative. As for Musk, he has also joined in on the fun, posting memes about the ‘death of Twitter.’
Featured image from BBC, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
