Former chairman Patrick Pichette warned that if Elon Musk violates the “ethos” of the influential social media firm, it will pave the way for competitors to emerge. According to French-language broadcaster Radio-Canada, former board chairman, and director Patrick Pichette said it is “too early to tell” if Tesla Inc billionaire Musk will be good for Twitter.
Pichette served as chairman of the board in 2020 and 2021 and remained a director until the sale to Musk closed in October. However, Pichette warned that if Twitter loses its appeal, other competitors would quickly emerge. In an appearance on the business show Zone Economie, the Quebec-born Pichette remarked, “If Elon Musk breaks the ethos of Twitter, with the beauty of the Internet, you can have eight other platforms showing up tomorrow morning.”
Since taking over as CEO, Musk, the richest man in the world, has laid off around half of Twitter’s workforce, ended the company’s remote-work policy, and demanded that the remaining employees work “high intensity” hours or be offered severance. Twitter’s new CEO has warned that the firm could go bankrupt if it is unable to increase its income, which was US$5.2 billion (RM23.66 billion) in the 12 months ending in June.
Coverage of FTX meltdown is incomparably faster *and* better quality on Twitter than old-school media
— Elon Musk (@elonmusk) November 17, 2022
Former Google CFO Patrick Pichette agrees, saying, “That’s a durable firm but it doesn’t mean it won’t go bankrupt.” Musk has publicly debated his detractors and caused a stir by proposing that any user, for the cheap, low price of US$8 per month, may purchase a “blue checkmark” previously reserved for the verified accounts of famous persons or organizations. Spoof accounts purporting to be official businesses, politicians, athletes, and even Musk himself have mushroomed as a result of the scheme.
Musk reportedly fired so many employees so quickly that the business had to reinstate some of them. “It shows he’s not in control of what’s really important at Twitter yet,” Pichette told Radio-Canada. Pichette stated that the board had been successful in its mission by compelling Musk to carry out his commitments under the US$44 billion (RM200.26 billion) takeover agreement and by remaining firm in the face of legal challenges from Musk’s attempt to void the agreement.
“Until Elon Musk bought it and we closed the deal, everything went as the board hoped,” he said. “We had very clear objectives and we accomplished them.” According to statistics obtained by Bloomberg, Pichette owned 30,860 Twitter shares worth almost US$1.7mil (RM7.73mil) when Musk bought the company. According to Pichette, all contributions will be used to fund the Kenauk project, which has as its primary goal the protection of 65,000 acres of forested area in Outaouais, in southwestern Quebec.
Last lines
Elon Musk risks opening the door for competitors, former chairman Patrick Pichette has warned if he goes against the “ethos” of the influential social media firm. A former board chairman and director, Patrick Pichette, told Radio-Canada in French that it is “too early to tell” if Tesla Inc billionaire Musk will be good for Twitter.
Bookmark our site Smartnewszone.com for the latest news and share this article with your loved ones.