After Elon Musk bought Twitter in late October, he fired the company’s board, but former chairman Patrick Pichette warned the new owner that the social network’s “loss of character” would quickly spur numerous rivals. According to a former Twitter executive, it’s too early to tell if Musk’s leadership will benefit the company.
As Patrick Pichette admitted interview one of the Canadian radio stations, if Twitter becomes a less attractive platform for users, competitors will quickly take its place. “The next morning, eight more platforms will appear,” – Literally Pichette, who was twice the chairman of Twitter’s board of directors and remained a director until Elon Musk bought the company in late October.
Pishett, who managed to work as Google’s chief financial officer, also spoke about Musk’s admission that Twitter was on the brink of bankruptcy. After the first, “It’s a sustainable business, but that doesn’t mean it can’t fail”. Mass layoffs at Twitter following Musk’s acquisition, followed by return offers for some employees, Pichette says speaks to the new business owner’s lack of understanding of what’s really important to Twitter right now. Before Musk bought Twitter, management had very clear goals and achieved them, according to the company’s former CEO. Patrick Pichette plans to use the proceeds from the sale of his $1.7 million stake in Twitter to help conserve forests in southeastern Quebec, Canada.
The debate surrounding the choice of Musk’s successor at the helm of Twitter resulted in one of the company’s founders and current shareholders, Jack Dorsey, having to step down answer when asked by a user about their willingness to lead Twitter for a third time. Dorsey, who ran Twitter from 2006 to 2008 and from 2015 to last fall, responded with a laconic rebuff.