Twitter To Sack 75% Workers As Elon Move To Buy The Company
Tesla CEO Elon Musk’s move to purchase Twitter would bring with it massive layoffs to the social media company’s workforce.
An exclusive report by The Washington Post on Thursday cited interviews and documents, adding that Mr Musk had told prospective investors that as part of his deal to buy Twitter, he would get rid of nearly 75 per cent of the company’s 7,500 workers. Twitter To Sack 75% Workers
The Post reported that Twitter’s current management intended to reduce the company’s payroll by about $800 million by the end of 2023, according to corporate documents and interviews with people familiar with the company’s deliberations.
Twitter clarified on Thursday to its staff that there were no plans for company-wide layoffs. Twitter’s General Counsel Sean Edgett emailed employees saying the company does not plan layoffs, according to a source who viewed the email.
Mr Musk told investors his plans to double revenue in three years, and would triple the number of daily users.
Mr Musk had tried to abandon the deal to buy Twitter in May, saying the company had understated the number of bot and spam accounts on the social media platform, which started a series of lawsuits between the two parties. Twitter To Sack 75% Workers
Twitter To Sack 75% Workers
In July, Twitter sued Mr Musk, asking the Delaware court to compel him to go through with his April agreement to buy the company for $54.20 a share.
Earlier this month, Mr Musk said he would proceed with the deal on original terms. Both parties are expected to close the purchase by next Friday.
Elon Musk to sack 75 per cent of Twitter workers.