Elon Musk‘s creative chaos on social media

What is happening in the US with giant technology companies is not surprising: Their layoffs are a natural consequence of the recovery from the coronavirus pandemic. It is also due to people’s dependence on electronic services and platforms, with the average time spent on the internet in those days rising to 12 hours per day.

This boom introduced tech companies to expansionary policies that were not well studied. It led to random hiring processes that were unnecessary, causing a bubble that, according to the Guardian, has subsequently exploded. In particular, there has been a preoccupation with Elon Musk and his activities since acquiring Twitter. Although the idea of layoffs at the company was on the table before his arrival, this was prompted by high inflation rates at levels not seen in 40 years, with the US Federal Reserve increasing interest rates by 75 basis points four consecutive times, amid expectations of a coming recession in North America and Europe. Musk’s dispensation with the services of 75 percent of Twitter’s employees to date is reasonable due to the geopolitical effects of the Ukraine crisis and the subsequent increase in prices. It is also a result of the decrease in advertising due to the feature of controlling the tracking of users’ behavior on Apple iPhones, and the decline in advertising naturally indicates a decline in the impact and effectiveness of the medium. If placed into context, the company loses $4 million every day, and in the last 12 months, only 10 percent of its total employees have been at its offices.

The headquarters provides free meals to employees, which drains $13 million annually without actual returns. Other than that, taking the company off the US stock exchange, and then turning it into a private company, was a creative work par excellence, together with reinstating the account of former US President Donald Trump, who provided great success for Twitter’s traffic in the past, as well as trying to attract influential content creators from YouTube and pay them 10 percent more.

Twitter’s layoffs encouraged Mark Zuckerberg, the owner of Meta, to lay off 13 percent of his employees, and according to a recent report in the New York Times, Amazon E-commerce will lay off 10,000 employees in the coming period.

The total number of employees in the US tech sector is around 6 million people, less than 1 percent of the total American workforce. According to 2022 statistics, there are 207 million unemployed people worldwide, who deserve as much attention as the high-profile, vociferous techies currently in the news headlines.

Bill Gates believes that the current condition will continue to grow exponentially for at least five years.

The losses for American tech firms are significant. According to the Financial Times, the market value of Apple has dropped by 24 percent, Google 35 percent, Microsoft 37 percent, Snapchat 40 percent, Amazon 52 percent, Netflix 63 percent, and Meta by 78 percent. Meta was worth more than a trillion dollars in 2021 and fell to 270 billion this year. In total, the Nasdaq index of shares of tech companies fell 33 percent in 2022, and lost nearly eight trillion dollars — a huge, unprecedented drop in the history of the exchange. The links between Silicon Valley in California and politicians in Washington are very close; Google was the biggest donor to former US President Barack Obama’s 2012 reelection campaign.

Musk’s dispensation with the services of 75 percent of Twitter’s employees to date is reasonable due to the geopolitical effects of the Ukraine crisis and the subsequent

increase in prices.