The Morning Crypto

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    Twitter shuts offices, employees depart, and users seek decentralised options

    Simar Marwaha
    Nov 18, 2022 08:36
    Twitter employees received an email from Musk with an ultimatum: either commit to "working long hours at high intensity," or get rid of their desks as soon as possible.
    Twitter shuts offices, employees depart, and users seek decentralised options
    Source: Unsplash

    As we already know, Elon Musk's takeover of Twitter began on April 14, 2022, and ended on October 27, 2022. Elon Musk started purchasing shares of Twitter in January 2022. By April 2022, he had grown to possess 9.1 percent of the company's stock.  The news was all over the internet about how the world's richest man completed his spectacular purchase of the social media service, ushering Twitter into a new age.

    Elon Musk has been mixing things up on Twitter. His most recent action caused office closures and a staff outflow. Musk gave Twitter employees an ultimatum earlier this week, telling them to "work long hours at high intensity" or vacate their seats by Thursday, Nov. 17.

    Furthermore, Twitter stated that all badge access will be temporarily suspended until Monday, Nov. 21, and urged personnel to "refrain from discussing confidential company information on social media, with the press, or elsewhere." The firm momentarily halted its offices as hundreds of workers walked out as a result of a significant portion of the workforce choosing the second option provided by Musk, which is reported to contain three months' worth of severance compensation.

    As was previously reported, Elon Musk dismissed Parag Agrawal, the former CEO of Twitter, in a move that was predictable given his prior interactions with him. Musk also dismissed the Chief Financial Officer, Ned Legal, and the Board of Directors.

    A network of independently managed, networked machines running open-source software makes up the decentralized social media network. Mastodon said on Nov. 12 that it has gained over a million new users since the Twitter acquisition was finalized. Since Musk's takeover, Twitter has lost the same amount of users, according to a Nov. 3 MIT analysis.

    From Jack Dorsey's Desk

    The decentralized social media network Bluesky Social, which intends to offer users ownership over their data and will have portable user accounts and access to "an open market of algorithms," was also introduced by the former CEO of Twitter Jack Dorsey in October. Dorsey also hopes that his Bitcoin-powered platform will entice users away from the centralized, scam- and spam-ridden Web2 social media platforms.

    As Musk stated that he wanted someone else to lead Twitter, Dorsey had previously stated his refusal to assume the job of CEO. Dorsey made it quite clear that he has no plans to ever rejoin Twitter.

    Learn about Bluesky Social here.