Restructuring is done on whatever idea the new owner(s) have in plan - which could be equally disconnected from "real product".

I'm not that optimistic about Twitter long term - never was TBH but this Musk thing is turning to a shitshow and also exposes what it's like working for him in his other companies.

On the other hand the slash and burn Elon approach seems objectively terrible. Indiscriminately firing most of the company kills morale and is likely to send the company into a hiring death spiral where your good employees leave and you can't attract good talent. This won't automatically kill the product or the company but it's not going to lend itself to big positive successes in the future.

This is honestly uncalled for. Job hopping every 2-3yrs should not be an expected task.

What is wrong with that?

German here. I think this actually is a huge part of the success of the famous Mittelstand - all that institutional knowledge these people have is extremely valuable. It's not just basic stuff like "know time tracking, billing and other admin systems and internal processes", but also the stuff that really can speed up your work: whom to ask on the "kurzer Dienstweg" aka short-circuitting bureaucracy when needed, personal relationships with people in other departments on whose knowledge you rely (it's one thing if you get a random email asking for some shit from someone you don't know, but I'll always find some minutes to help out someone who has helped me out in the past), all the domain-specific knowledge about the precise needs and desires of your customers...

Attrition is bad for a company as a whole, the problem is US-centric capitalism cannot quantify that impact (and it doesn't want to, given that attrition-related problems are long-term issues with years of time to impact), and so there is no KPI for leadership other than attrition rate itself.

The only problem is that over the last years, employers' mindset has shifted from regular wage raises to paying the bare minimum which makes changing jobs every few years a virtual requirement for employees to get raises, and so we are already seeing the first glimpses of US employment culture and its issues cropping up.

This is true, and in my opinion, true for a reason. And that reason is not "most huge companies are dumb", as opposed to what Musk's cult seem to believe. The reality is, measuring what exactly is "bloat" and precisely cutting that bloat is extremely difficult and firing more than half of your workforce is probably like using a warhammer to do brain surgery.

If your company is losing money all this time you are likely to be fired eventually in the real world. Job security in sw world had become so high that no one seemed to expect it. Everyone assumed “sure we’re losing money and the company has no direction” but all is fine.

They all stayed there in their tables working for 10 years in a rudderless company as if it was a government job.

Something I learned early in my career is that some companies consider this a feature not a bug. As in, they are hoarding talent so that they don't go to work for their competitor.