One reason for the company's financial issue were that the two main shareholders always paid their own dividend--20% of the gross--before they paid the payroll or other bills. This left them constantly juggling to meet their financial obligations. No doubt to protect themselves, towards the end they were using cash to pay employees.
They faxed all their offices with instructions to post notices on their doors saying they were closed for good but leaving no contact information, stuffed all the cash in their pockets, turned off the lights, and went home. Employees didn’t discover they had been laid off until they went to work the next day to find a locked door with the notice.
I’ve seen large private companies die, and it’s not pretty. At one place I worked, the company struggled for years because of mismanagement. Finally, at the end, the two main shareholders—the CEO and the GM—counted up the cash receipts the day before payday and realized that they didn’t have near enough money to cover the bills.
Musk orders Twitter to cut infrastructure costs by $1 billion - sources https://www.reuters.com/technology/musk-orders-twitter-cut-infrastructure-costs-by-1-bln-sources-2022-11-03/
Chaos, confusion reign ahead of Twitter layoffs https://www.reuters.com/technology/chaos-confusion-reign-ahead-twitter-layoffs-2022-11-03/
On October 4th, Elon Musk revived his bid to avoid a lawsuit. At that point, CounterSocial had 92k users. By the 27th, we had reached 99k. Today, we are at 130k. That's a 30% increase in one month, 25% of which occurred in the past 5 days. 📈
It's going to take time for things to stabilize here. We hope you can see how special this place is, and we appreciate your continued patience and support. #CoSoTips
American abroad. Iconoclast. A member of the radical center. #nevertrump.