Elon Musk is refusing to pay tons of of hundreds of {dollars} in journey payments amassed by Twitter workers earlier than he took over the corporate, The New York Times has reported. The firm is on a drastic cost-cutting marketing campaign and Musk has reportedly issued orders to sluggish and even halt funds to distributors and contract companies. The transfer has sparked complaints from Twitter insiders and distributors who’re owed thousands and thousands of {dollars} in again funds.
Musk introduced in allies from Tesla, his household workplace and The Boring Company with the directive to “cut, cut, cut,” in keeping with the article. As such, Twitter is asking workers to overview, renegotiate and even not pay some exterior distributors, in keeping with NYT‘s sources. Some areas underneath overview embrace computing prices, journey, software program companies, actual property and even in-office cafeteria meals.
Twitter is reviewing partnerships with sports activities leagues just like the NFL and NBA, together with media corporations together with Condé Nast and Fox. It’s additionally making an attempt to renegotiate offers with tech corporations like Amazon and Oracle that present computing companies. In addition, company bank cards have been shut off, free lunches eradicated and expense report funds delayed. And the corporate has reportedly not delivered checks beforehand promised to charitable organizations.
Musk took on $13 billion in loans as a part of his acquisition of the social community, with curiosity funds supposedly amounting to $1 billion every year. He has instructed workers that the “economic picture ahead is dire” and “bankruptcy is not out of the question.” Twitter has slashed half of its 7,500-strong work power, seen mass resignations and reportedly terminated a majority of its contractors, a lot of whom labored on policing content material.
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