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- Thread starter Warstud
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I think Twitter was paying severance to get around that. Essentially they were still on the payroll but told not to come to work.
Seems that way, but still some focus on if what he did was totally inline with the laws.
What is the WARN Act? Here’s what to know about the Twitter lawsuit.
Some staffers who learned of their layoffs during Musk’s swift and massive cuts are suing under California’s WARN Act.
www.protocol.com
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No he is not, he is selling Tesla on the way down to fund his nest egg. He will put twitter into some sort of re-organization to re-negotiate his debt to pennies on the dollar. Word was that some of the banks that had financed the deal were already unloading for 60 cents on the dollar.
He didn;t say you couldn't work from home - he said they had to have his approval. You can absolutely bet the key employees have been "taken care of". That would have been A1A part of the due diligence right after the offer was accepted.
I am not a Twitter user and don't much care about Musk, but stupid he is not.
I will add that I have worked "remote" for 20 years, some days at home, some days on customer sites, etc. My boss is 1000 miles away. Some people can actually work from home, some are even more productive, but most people absolutely can not.
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Its in line. The law is specifically that they need 60 days notice, or you have to pay 60 days. Twitter paid 90 is what I read. I have seen this many, many times at large companies. The last thing you want around is disgruntled laid off employees to break things.Seems that way, but still some focus on if what he did was totally inline with the laws.
What is the WARN Act? Here’s what to know about the Twitter lawsuit.
Some staffers who learned of their layoffs during Musk’s swift and massive cuts are suing under California’s WARN Act.
The entire headlines are nothing more than gaslight / headline grabbing. If you pay people not to come to work for 60 days your covered. They should say thank you as if they were worth their salt to begin with they would have had another job within a week and could double up on paychecks for a while.
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The trend is your friend - until its not.
One of the things I can not reconcile, and haven't heard anyone talk about - is inflows and outflows due to the fed allowing their balance sheet to shrink with items maturing. Individual stocks can go up and down, but the overall market needs inflows to go up - retirement accounts, stock buy backs, etc are all inflows. However with the fed letting $90B run off their bloated balance sheet each month, and with gobs of government bonds being issued, that's a lot of capital being swallowed up each month that can't get into the market.
Yes, but apparently Musk jumped the gun based on this tidbit. He should really slow down some and talk to his legal staff (unless he fired them too, lol) before making bold moves like this. Let the courts has it out for the outcome.
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This is from the above article - bolding mine:
A group of former Twitter employees filed a preemptive lawsuit on Thursday warning that Twitter could violate both the state and federal WARN Acts, and other suits may follow.
But the law is a little more complicated than that. The lawsuit asked Twitter to provide the requisite notice or severance payment. Twitter reportedly told fired employees they could expect to receive details about severance agreements by next week. If those severance agreements end up providing more than 60 days’ worth of pay, then the WARN Act doesn’t offer much beyond that.
I have since read twitter has paid them for 90 days.
I have worked for a huge company years ago that let go several thousand people across many facilities on the same day. In our building they were all walked into the largest conference room, Told they would get details on how long they will continue to get paid in the mail but minimum was 60 days - some got more based on years of service. Told they were eligible to re-apply for any future openings, given employment counseling, and sent on their way. HR went around and cleaned their desks, boxed anything personal and shipped it to them.
A good friend of mine was in this group, hence how I knew exactly what happened.
You don't want laid off people in the building - its bad for everyone, them and everyone else. At best its a distraction, at worst its toxic.
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He tried to get out of it in court, but Twitter's lawyers sent subpoena's to a bunch of Elon's rich friends in Silicone valley - VC's, etc - so Elon said he would close on the deal.
He paid $44B. $27.5B of his own cash, and the rest was financed. Additionally he already personally owned 9.6% of Twitter so he got 9.6% of that money back from the stock payouts. He's worth over $200B, so while likely not happy, I wouldn't feel to bad for him.
Still just short-term/medium-term noise. Short of WW3 and/or the collapse of society that trend line will continue. If it does then great! If it doesn't then we will all have bigger problems than our ROI. Are we at the end of the economic cycle where it all comes crashing down? I don't know but I'll go on assuming there's some reason to continue on until given evidence to the contrary.
I meant there’s going to be lots of hurdles to jump to get Twitter to be the company he imagined.
He did overpay significantly to buy Twitter but it won’t hurt him financially,
Declaring bankruptcy will help, lol.
On a disruptive Musk, yes twitter needed to be chopped down, just for their behavior alone. Good.
On a foolish Musk, wow he absolutely got ripped off. Seriously that company might be worth a couple B at best...........
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Fake currency? It gets worse ahhahahahahaha at least the losers can't say "where did my money go?" because it was never money in the first place
www.wsj.com
On a foolish Musk, wow he absolutely got ripped off. Seriously that company might be worth a couple B at best...........
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Fake currency? It gets worse ahhahahahahaha at least the losers can't say "where did my money go?" because it was never money in the first place
FTX Is Investigating a Potential Hack Amid Bankruptcy Filing
More than $400 million worth of crypto funds appears to be missing, according to a crypto analytics firm.
www.wsj.com
Pablo,
FTX and similar companies will soon be featured on TV show American Greed.
How many more of these types of crypto trading / coin storage platforms will soon implode ?
I understand people wanting to make quick gains but they have to be cautious and simply buy some quality ETFs on a brokerage account like Vanguard, Fidelity, TD Ameritrade, Charles Schwab, E*Trade, etc….
Younger folks like risk ?
Trade leveraged and inverse ETFs based on good news / bad news.
Trying to fly under the ‘IRS radar’ and un-bank from proven, traditional, safe ways of making money backfired on lots of people.
FTX and similar companies will soon be featured on TV show American Greed.
How many more of these types of crypto trading / coin storage platforms will soon implode ?
I understand people wanting to make quick gains but they have to be cautious and simply buy some quality ETFs on a brokerage account like Vanguard, Fidelity, TD Ameritrade, Charles Schwab, E*Trade, etc….
Younger folks like risk ?
Trade leveraged and inverse ETFs based on good news / bad news.
Trying to fly under the ‘IRS radar’ and un-bank from proven, traditional, safe ways of making money backfired on lots of people.
GON
$100 Site Donor 2023
Hoe much of this money was actually American taxpayers' money- funneled through the Stimulus Checks.... I suspect a lot of this crypto stuff and associated businesses would not have had the money flows without Stimulus Checks.
Perhaps but he does the same thing a few more times it might.
It’s apparent that he is not a budget conscious person.
GON
$100 Site Donor 2023
I sense Musk had a sense of urgency in the Twitter purchase- and overlooked many deep issues to include working with IT professionals and the power of letters from groups telling advertisers to stop advertising on the platform. Will be a great MBA case study in the following years for many graduate students.
IT professionals are the only segment of a workforce that can collapse a major business in a matter of minutes.
In 2009 Fiat Chrysler was bought out for 50 Billion
In 2018 Sprint was bought out for 37 Billion
In 2016 Baker Hughes was bought out for 30 Billion
In 2019 CBS was bought out for 25 Billion
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