It’s been a tumultuous couple months for Twitter and its new owner Elon Musk. The social media giant is officially delisted from the New York Stock Exchange, and hundreds of staffers have been fired.
Matt Pieper, CBS News correspondent, told KMOX more about Twitter’s situation — and said he probably overvalued the company, which he bought for $44 billion. Pieper said that when Musk started trying to reduce the price, people started questioning the validity of Twitter.
“And then in him speaking out, it almost devalued the company,” Pieper said. “So when he actually did come through with it after that lawsuit that was supposed to go through a couple months ago, and then he finally said, ‘Okay, you know, what, I actually will buy the company,’ there were investment firms out there who said, ‘He's buying this company at about $20 billion too much.’”
A Bloomberg headline on Monday read that after firing most of the executive-level staff, the company is now asking some workers to return. Apparently some were mistakenly laid off.
“There were these reports out yesterday…Some of these people started to get emails saying, ‘Well, we could actually use you back’ or, ‘We didn't mean to send you that pink slip on Friday,’ or ‘There were some higher level people saying, you know, I really couldn't afford to lose these 20 people in security or these 20 people in blue checkmark verification status, because we need these people going forward,’” Pieper explained.
He added that currently, we don’t know how many people might be rehired.
Hear more from Matt Pieper on Twitter and Elon Musk:
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