More Cuts at Twitter | YouTube Rolls Out Handles | Media Business Strategy Changes
Elon Musk is set to cut up to 50% of the Twitter staff. YouTube is getting into the identification arena. Semafor has a scoop on Insider's subscription and newsroom strategy changes.
Before we dive in, I’m taking a slightly different approach to this week’s newsletter. First, I’m announcing a brand new addition using Substack Chat: the Overwrite Media subscriber chat. I already started a thread, so check it out below. Second, I’m going to cover several things going on with some of my takes on what’s happening and link out to the original sources. Shoot me a note to mark@overwritemedia.com whether you like this direction or not.
Chat: I’ve already started my first chat thread so come on over and say hello!
More Staff Cuts at Twitter
The new owner of Twitter, Elon Musk, is reported to cut up to 50% of the remaining staff at the social media company. This is less than the original 75%, or roughly 5,600 employees, that was uncovered in documents obtained by The Washington Post, but more than the most recent speculation of 25%. 50% will equate to nearly 3,700 jobs. The aim and focus are for Musk to cut as much cost as he can, after spending $44 billion on the acquisition. The executive team has already been cut, with the former CEO Parag Agrawal, former CFO Ned Segal, Chief Legal Officer Vijaya Gadde, and General Counsel Sean Edgett all being fired “for cause” by Musk, in order to abstain from paying tens of millions of dollars in severance package payouts. There were other Director and VP-level staff terminated over the weekend. This is all coming out just days after Musk fired the entire Twitter Board, making himself the sole director of the company. This was already planned as part of his acquisition agreement.
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