Elon Musk addresses Twitter staff: If and when he acquires Twitter, Elon Musk intends to fire the majority of the company’s employees, according to a story by The Washington Post.
According to the article released on Thursday, Musk has informed potential investors in his purchase of Twitter that he intends to lay off approximately 75% of the company’s 7,500 employees, leaving it with a skeleton crew.
Documents and unidentified sources familiar with the discussions were mentioned by the newspaper.
An attorney for Musk named Alex Spiro and the San Francisco-based Twitter did not immediately reply to messages seeking comment.
Even while job cutbacks were anticipated regardless of the sale, Musk’s proposed ones will be much more severe than anything Twitter had in mind. Musk himself has previously hinted at the necessity to reduce the company’s workforce, but he hadn’t provided a specific number, at least not in public.
According to Wedbush analyst Dan Ives, a 75% personnel reduction would suggest, at least initially, higher free cash flow and profitability, which would be appealing to investors eager to get in on the sale. That stated, progress cannot be achieved by cutting corners.
Ives continued by saying that a workforce decrease of this kind would probably cause Twitter to fall years behind.
Twitter and its users may suffer if expenditures in content moderation and data security are reduced, according to experts, organizations, and even Twitter’s own workers.
The platform may swiftly be inundated with bad content and spam with such a significant reduction as Musk may be contemplating; the latter of which the Tesla CEO himself has claimed he’ll handle if he becomes owner of the business.
Musk withdrew his $44 billion purchase offer for Twitter in April, claiming that Twitter had overstated the amount of phony “spam bot” accounts it had on its network. A Delaware judge has given the parties until October 28 to resolve their differences after Twitter filed a lawsuit. If not, a trial will take place in November.
Read all Latest News, Sports News, Entertainment News, Automotive News, Health News and more here