Elon Musk plans to lay off about 75% of his Twitter staff.
Tesla CEO plans to drastically reduce the number of Twitter employees after the $44 billion deal.
Elon Musk to Fire Twitter Staff
According to the news of the Washington Post, the famous billionaire plans to reduce the size of the social media giant’s workforce from 7500 to around 2000. This means that approximately 5500 people will be laid off.
Elon Musk and his representatives have not yet made a statement on the subject.
In Tesla’s third-quarter balance sheet report, it was stated that Musk paid too much for Twitter. Musk said:
“Obviously, while I and other investors are overpaying for Twitter right now, I think Twitter’s long-term potential is much greater than it’s current value.”
According to the news, Twitter management planned to reduce the number of staff by around 25% by the end of 2023.
After Musk tried to cancel the deal to buy Twitter, he backed off with Twitter filing a lawsuit as well. The deal is expected to be completed shortly.
