Thursday, 01 Dec 2022

Elon Musk plans to cut 75% of Twitter staff if he takes over company report

Elon Musk plans to cut 75% of Twitter staff if he takes over company report


Elon Musk plans to cut 75% of Twitter staff if he takes over company  report

Elon Musk told prospective investors that he plans to eliminate nearly 75% of Twitter's staff as part of his deal to take over the social media company, the Washington Post reported on Thursday.

Job cuts are expected in the coming months no matter who owns the company, according to the report, which cited interviews and documents.

The news of Musks's plans, should he ultimately take over the business, come at a difficult moment for Twitter. The company said in July that it had already "significantly slowed hiring" amid a wider economic downturn the tech industry, where many companies have announced recent hiring freezes and layoff.

On Thursday night, Bloomberg reported that an internal memo circulated by Twitter said there were "no plans for any company-wide layoffs".

Meanwhile, the acquisition drama with Musk has fostered low morale, leading employees to quit in droves. Twitter has been embroiled in a legal battle with the billionaire for months after Musk tried to walk away from the $44bn takeover deal, before reversing course earlier this month and saying he would go through with it after all.

"Twitter appears to be rudderless, and on a bit of a downward spiral, and it has only been exacerbated by Musk," said Carl Tobias, Williams chair in law at the University of Richmond. "It looks like it is going to be rough sailing for some time."

Human resources staff at the social media company have told employees that they were not planning for mass layoffs, but documents showed extensive plans to push out staff and cut down infrastructure costs were already in place before Musk offered to buy the company, the Washington Post reported.

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