Hindsight is 20/20 as the saying goes, and Goldman Sachs CEO David Solomon says he now has “egg on his face”. After initially criticizing the 2016 acquisition of LinkedIn for $26.2 billion in an all-cash transaction, Solomon says now that he “was wrong” and that with the recent layoffs of over 7% of its workforce, the professional networking and employment website now can become a consistent revenue stream from terminated employees.
“I mean, this is looking like a genius move now”, says Solomon. “You can save money by cutting employees, and then turn right around and sell ads to them as they look for new jobs. You can even charge them $60 per month for LinkedIn Premium when they get really desperate.”
MSFT stock is up 0.5% today.