According to a report, Elon Musk plans to lay off nearly 75% of Twitter employees after the long-awaited deal to acquire the social media company is finalized.
Musk reportedly informed potential investors that he plans to cut Twitter’s staff by almost 75% Washington Post. According to internal discussions and documents, the Tesla CEO is to reduce Twitter’s headcount from 7,500 to 2,000.
According to the report, job cuts are expected in the coming months — regardless of who owns the company.
Twitter’s current management reportedly plans to cut the company’s payroll by about $800 million by the end of next year. That reduction would mean almost 25% of the workforce would be cut, according to the report.
The Washington Post described Musk’s acquisition as a “golden ticket for the struggling company” and could “potentially help leadership avoid painful announcements that would have demoralized employees and potentially crippled the service’s ability to fight misinformation, hate speech and spam.” “.
A May report claimed Musk had told investors he was laying off 1,000 Twitter employees.
Musk has until Oct. 28 to secure funding for Twitter’s $44 billion purchase, according to the Delaware Chancery Court judge overseeing the case. Musk said he plans to make Twitter a private company if he takes control of the company.
Musk tried to pull out of the deal to buy Twitter in July, citing a larger-than-expected number of bot and spam accounts on the social media platform. Musk changed his mind earlier this month and planned to go ahead with the deal on the original terms — $54.20 per Twitter share.
On Tesla’s third-quarter 2022 conference call, held Wednesday, Musk admitted he paid too high a price for Twitter.
“While I and the other investors are obviously overpaying for Twitter right now, I think the long-term potential for Twitter is an order of magnitude greater than its current value,” Musk said said.
In May, Musk told investors he plans to grow Twitter from 217 million users in 2021 to 931 million in 2028. The South African billionaire aims to “authenticate everyone”.
https://www.theblaze.com/news/elon-musk-cut-twitter-employees Elon Musk plans to cut 75% of Twitter employees after purchase