After Elon Musk gave the remaining employees a strict deadline, a tsunami of resignations hit Twitter. It merely adds to the long list of problems the social media network has been experiencing since before Musk took charge. Uncertainty surrounds the company at the moment because no one really knows where it will go 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 most recent wave of resignations followed Musk allegedly telling Twitter staff that they could either stay and work more hours and under more stress or accept a three-month pay and quit. It wasn’t shocking to learn that a significant portion of the workforce preferred the former.
Twitter quickly became overrun with tweets from workers who had made the decision to leave the organization. Many of these workers had worked for the business for close to or longer than ten years. Due to the fact that they came from staff with a variety of skill sets and expertise, resignations were also not restricted to a single department.
Given this, rumors that Twitter is nearing its end have started to circulate. Since the resignation began, #RIPTwitter has been popular, and Musk reportedly locked down Twitter HQ to lessen the impact of the departing staff.
The tweets of former employees who wrote about leaving the company—the majority of whom did not want to continue working for Musk—were liked by the sacked CEO Parag Agrawal, according to his Twitter likes. The New York Times article claims that hundreds of people have left their jobs, although no exact number has been released.
The Effects on Crypto
Although the majority of discussions about cryptocurrency still take place on the social media site, there has been a gradual decoupling of cryptocurrency from Twitter news over the past few weeks. Undoubtedly, the company’s demise would have an effect on the cryptocurrency conversation, but industry players and their users would most likely move on quickly.
In the end, only time will tell if the dominant social media platform will endure. It is still in Musk’s best interests to avoid running the company into the ground because he would lose tens of billions if he did.
Cryptocurrency prices have stayed the same despite the Twitter crisis. The digital assets in the market haven’t responded in either a positive or bad way. Musk has also joined in on the fun by posting memes about Twitter’s “death.”
Featured image from BBC