🍋 Elon Wants Fired Workers Back lol

Musk’s Twitter takeover got even more chaotic this weekend. After firing 3,700 workers last week, the company is now asking some of the fired workers to come back.

November 07, 2022

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“Net worth is measured in dollars. Wealth is measured in free time." — Brian Feroldi

Good Morning! Labor data released last week confirmed that the economy is gradually cooling. But investors think that’s good news - they’re hoping the slowdown forces the Fed to pivot from its aggressive tightening stance.

It’s been a rough year for investment bankers, but Moelis says they’ll be aggressive on dealmaker hires despite the market slump. Dick’s Sporting Goods announced it’s launching a $50 million venture capital fund. A Houston man won a $75 million payout off his Astros World Series bet. And office-to-apartment conversions soared 43% last year as cities try and solve the housing shortage.

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1. Story of the Day: Elon Wants Fired Workers Back lol

Musk’s Twitter takeover got even more chaotic this weekend. After firing 3,700 workers last week, the company is now asking some of the fired workers to come back.

Chef Twit's Twitter has been an emotional rollercoaster so far. The company is rapidly losing advertisers, and many users are angry about plans for a subscription model. But the mass layoffs last Friday were one of Musk's messiest moments, to say the least.

Most of the fired employees learned their fate when they were automatically signed out of their work email and Slack. Some even learned they lost their jobs when they got kicked off video calls in the middle of a meeting.

But over the weekend, management at the company realized they made mistakes and asked some of the fired workers to come back. Some of the workers Twitter meant to retain were accidentally fired. Others were told to come back because the platform realized it needed their skills and expertise. But it’s a tough look for the company on top of an already chaotic take-private tenure.

Company morale has already been low since Musk completed his acquisition. Last week, a photo surfaced of a manager sleeping at the office after pulling an all-nighter. After the firing and re-hiring mistakes, the company likely lost even more goodwill from employees.

Takeaway: The accidental Twitter layoffs are another embarrassing turn of events for the company. The last time Musk made a mistake of this magnitude, we found out he was having twins. Musk is trying to move fast and break things, but he might be losing some credibility in the process.

2. Markets Rundown

If you want access to Wall Street insider interviews, industry deep-dives, and investment ideas, check out our Insiders newsletter.

Stocks closed higher following Friday's reported labor data.

Movers & Shakers

  • (+) Starbucks ($SBUX) +8% because Americans are still buying expensive drinks, even in economic slowdowns.

  • (+) Coinbase ($COIN) +5% after the company reported strong new-user data.

  • (–) DraftKings ($DKNG) -28% after investors worry Americans will gamble less in a recession.

Private Dealmaking

  • Emalex Biosciences raised $250 million to develop a drug for Tourette Syndrome

  • Arta Finance, a former Google exec’s wealth management startup, raised $90 million

  • Project44, a startup that wants to solve supply chain issues, raised $80 million

  • Plend, a British ethical lending startup, raised $45 million

  • Samsara Eco, an ‘infinite plastic’ recycling startup, raised $54 million

  • Marathon Oil bought $3 billion of Ensign Natural Resources’ assets

Top Reads

  • U.S. payrolls grew by 261,000 in October but unemployment rose to 3.7% (YF)

  • Musk says Twitter had massive revenue drop as advertisers pause spending (CNBC)

  • Tech workers brace for massive wintertime layoff surge (Axios)

  • Social media as we know it is over (YF)

  • Where the economy is showing signs of a slowdown near recession levels (CNBC)

  • No, we’re not out of the woods yet (Axios)

  • Wealthy families are migrating south, and UBS is following them (Reuters)

  • Wall Street hopes history will repeat itself with post-election comeback (YF)

  • Billions spent in Metaverse land grab (BBC)

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4. Book of the Day: The Snowball

The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom.

When Alice Schroeder met Warren Buffett she was an insurance industry analyst and a gifted writer known for her keen perception and business acumen.

Her writings on finance impressed him, and as she came to know him she realized that while much had been written on the subject of his investing style, no one had moved beyond that to explore his larger philosophy, which is bound up in a complex personality and the details of his life.

Out of this came his decision to cooperate with her on the book about himself that he would never write.

Never before has Buffett spent countless hours responding to a writer’s questions, talking, giving complete access to his wife, children, friends, and business associates—opening his files, recalling his childhood.

This book tells you why Warren Buffett is the most fascinating American success story of our time.

“As Buffett liked to put it, “Intensity is the price of excellence.”

5. Short Squeez Picks

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6. Daily Visual: Pandemic Brought more Americans into the Financial System

US Household Unbanked Rate

Source: Axios

7. Daily Acumen: Clear Writing Means Clear Thinking

"Rewriting is the key to improved thinking. It demands a real open-mindedness and objectivity.

It demands a willingness to cull verbiage so that ideas stand out clearly.

And it demands a willingness to meet logical contradictions head on and trace them to the premises that have created them.

In short, it forces a writer to get up his courage and expose his thinking process to his own intelligence."

Source: HBR

8. Crypto Corner

9. Memes of the Day

 

 

 

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