Elon Musk apparently plans to lay off 75 percent of Twitter employees
After months of back-and-forth, Elon Musk appears poised to take over Twitter. Should it actually come to that, thousands of employees will probably have to look for a new job. According to reports, Musk plans to lay off 75 percent of the entire workforce.
Around 7,500 people currently work at Twitter. If Tesla CEO Elon Musk takes over the company as planned, apparently 75 percent of them will have to look for a new job.
That comes from one report the Washington Post out. Accordingly, Musk has informed potential investors that he wants to make drastic layoffs in order to reduce costs.
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Elon Musk: Twitter deal is apparently close to completion
After Elon Musk initially withdrew from his Twitter deal and accused the platform of withholding information, both parties sued each other. Now, however, an agreement appears to be imminent. Because the Tesla CEO recently announced another turnaround.
In order to avert a court case, however, the deal must be completed by October 28th. Insiders have the Washington Post meanwhile reports that the acquisition is progressing. Like the news agency Bloomberg wants to know, Twitter has already frozen the stock allocation of its employees. This, in turn, points to a conclusion.
Mass layoffs were apparently planned anyway
Regardless of the deal with Elon Musk, Twitter was already planning to lay off thousands of employees. Noisy Washington Post around a quarter of the workforce would have had to look for new jobs. This is offset by salary savings of around 800 million US dollars.
Elon Musk wants to double Twitter sales
However, Musk’s plans call for layoffs that are far more extensive. A former Twitter executive, meanwhile, described the planned cuts as “unimaginable”. This would in turn affect the security on the platform. Twitter could be the target of numerous hacks.
Musk, meanwhile, thinks he’s paying too much for Twitter. In addition to the planned layoffs, he therefore wants to double the company’s sales in the next three years. However, he left it open how exactly this is supposed to work.
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