Elon Musk apparently learned that firing half of
the employees at Twitter was ill advised.
Because it turns out that some of those employees may be a lot of those employees,
more important in ensuring that Twitter runs smoothly.
And so some of those laid off twitter employees are being asked to come back.
So let's give you the details.
>> I love it.
>> It's so good.
>> It's amazing, it turns out he's a dumbass.
>> Yeah, I think he's in over his head with Twitter and when you're,
I don't deny that Elon Musk is smart in some ways, right?
But when you're surrounded by people almost like a cult like following where
you're told incessantly every single day that you are a genius,
you're number one, you're the smartest, you can do no wrong.
Well then that's gonna lead to a little bit of unearned confidence in areas where
maybe you need a little more expertise before pulling a trigger, right?
>> So that's a good theory.
I'm gonna build on that theory later, but let's tell what is important.
>> Okay, so here's what happened.
Some of those who are being asked to return were laid off by mistake,
allegedly.
Others were let go before management realized that their work and
experience may be necessary to build the new features Musk envisions.
So here's an example of the latter, okay?
What is he envisioning and why was it a bad idea to fire these workers?
Last week, Musk tweeted about building a paywall bypass for some publishers.
An ex-Twitter employee with the certain user name SillyRobin replied
that Musk has fired the team working on that particular feature before
listing some examples of Musk or his associates, talking about new or
upcoming features after firing the teams in charge of building them.
Also I should note that Elon Musk defended the layoffs last Friday claiming
that he had no choice but to fire that many people because according to him,
the company loses $4 million per day.
Some issues looked into 40 deciding to over pay for
Twitter over paying as much as $20 billion.
>> Yeah.
>> I like it that number blows my mind every time I say it but yeah.
>> Yeah, so lots to talk about here.
So first of all on him being a dumbass.
Look guys, this is a lot of money on the line even if you're the richest
man in the world and remember he's not perfectly liquid.
What liquid means is you might have a ton of paper wealth, but
do you have the cash or don't you have the cash?
Right, and he didn't actually have the cash to buy this.
He had to go, okay, I get it, liquid gas, got it missed in the beginning.
Okay, hashtag science actually assume I will come back to that.
>> [LAUGH]. >> So he had to borrow money from like
Larry Ellison and these a bunch of other guys tons of guys to actually
buy this thing and then he had to borrow a bunch of money.
He has to pay I think the number was about a billion dollars in interest every
year and Twitter doesn't even make a billion dollars.
So this is an insane Donald Trump like purchase.
So when the reason I say is Donald Trump like is because Donald Trump
bought three different casinos in Atlantic city.
And everybody was like they're just going to cannibalize one another,
you're gonna just have people split up and
then none of your casinos are gonna be able to turn a profit.
He's like no I got this, I know what I'm doing and
then people later said it's because he liked to see his name in lights.
And he paid a 14% interest rate and in this case,
Elon Musk is apparently paying an 8% interest rate which is pretty high, right?
That's leading to the about a billion dollars and he only makes 700 million.
So this is just an absolute disaster in every direction, right?
But that's why you don't rush into it, you try to figure it out,
you get the right contract, you make sure that you put the potential of trolls in
the contract which you can do.
>> Yeah but I see it as like when you're in high school and
one of the students is about to do something stupid because he or
she but let's keep it real most of the time it was.
He is surrounded by his peers saying do it and
I feel like that's what happened with Elon Musk and purchasing Twitter, right?
He's surrounded by a bunch of people who are like my God Twitter,
Elon Musk he's gonna save the Internet, he's gonna save Twitter,
you're our hero, you're our savior.
Do it, he's like I'm gonna do it, I'm gonna overpaid by $20 billion, okay?
>> I have another secret theory on that but this okay.
So look, I like your theory which is he just got
overconfident because everybody's fluffing him not 24/7, right?
And so and by the way Elon, do you know why they're fluffing you?
Because you're rich and they want your money.
Okay, there I solved it for you.
You probably don't get it, you probably thought my God all these people think I'm
awesome and it must be awesome, right?
So it's like when Trump talked about the girls like to go out with me because I'm
good looking, no dumbass.
They think you have money, that's why they're going out with you, look at you,
Jesus anyways.
So it's like if I got overconfident and I was like I know what I'm gonna do,
I'm gonna buy a company related to physics,
[LAUGH] I'm not good at physics, that would be a terrible idea.
But if everybody's like do it what I got this man, I know physics and
that's kinda how Elon is here.
Dude, you obviously didn't think any of this stuff through your incredibly rash.
Okay now my secret unacceptable theory.
Okay and this is just speculation guys, don't take it as fact at all, okay?
But he did a lot of things on Twitter where he got people to go and
rush into dodge coin and this coin and the other coin and
said comments about Tesla and blah, blah, blah.
And was there something that he did on there that
if regulators found out it would cost them a lot more money?
It's a wild theory because what could it cost him?
Yeah, I hear you more likely.
What could it possibly cost him that cost him more than $44 billion?
I don't know, okay.
But he did a lot of shady stuff where he drove people to speculation
on a lot of that Bitcoin stuff.
So anyways that's a possibility, but
I'm gonna tell you story about Al Jazeera in a second.
My God, okay, go ahead.
>> Okay, real quick.
>> Yeah quick.
So this was a decade ago.
So I never talked about it cuz somebody had told me not on air when
Al Jazeera first came in and bought current TV where we used to work.
They had the same exact attitude as Elon Musk.
We are very smart, we know what we are doing.
Okay I was like you because your actions don't seem like it.
There's this giant long meeting, boardroom meeting.
I wasn't there but a friend was in and he told me about it and the guy comes in and
he says, who's chewing gum?
And the guy's like, I didn't know we weren't allowed to chew gum.
I'm chewing gum, I'm sorry.
He's like, you're fired, okay?
That's like insane, right?
And the guy was like, what happened?
Yeah, 100% okay.
And then he leaves, right?
And then he's like, okay, what is this meeting about?
We're building a big new studio in new york.
It's like, okay, who's in charge of building new studio?
Like awkward.
The guy you just fired hey?
And that's what Elon musk feels like right now.
He's like, okay, all your security people on twitter, you're on fire man.
You messed with me now.
We got no sign of security.
Wait, exactly.
Yes. You need cybersecurity on twitter.
Yes.
You need, what did you think they were doing there?
Like you can't fire half the workforce and then expected to work the same.
They did actual jobs.
Did you not think that through, man?
That's embarrassing