On plans to cut 75% jobs at Twitter, Elon Musk says…
- Elon Musk said that he doesn’t plan to cut 75 per cent jobs at Twitter after the deal is closed. Elon Musk is still expected to cut staff as part of the takeover
Tesla CEO Elon Musk, whose $44 billion deal for the Twitter buyout is on track to close on Friday, has reportedly revealed his plans for the social media employees after he takes over the company. There were rumours that Elon Musk is planning to cut 75 per cent jobs after the Twitter buyout. Recently, in an address to Twitter employees at the company’s San Francisco office, Elon Musk denied the previously reported number, said the people familiar with the matter.
Elon Musk said that he doesn’t plan to cut 75 per cent jobs at Twitter after the deal is closed. Elon Musk is still expected to cut staff as part of the takeover, causing anxiety among workers.
Earlier on Thursday, Elon Musk posted a video clip of himself walking into the offices carrying a kitchen sink. He changed his Twitter profile description to read “Chief Twit.”
The social-media company’s workforce now numbers about 7,500, and many employees are greeting the prospect of ownership by Elon Musk with trepidation.
The billionaire expects to double revenue within three years, a person familiar with the matter said last week. In recent days, fears have been growing about a major reduction in headcount or another reorganization, another person said.
MUSK’S VISIT TO TWITTER HQ
Elon Musk recently posted a tweet to Twitter advertisers, saying he was buying the company “to try to help humanity, whom I love.” The billionaire said when done right, advertising can “delight, entertain and inform you.” In order for that to be true, Elon Musk added, Twitter needs to run ads that are relevant to users’ needs.
The Twitter buyout deal is expected to close by 5 pm (New York time) on Friday, as bankers and lawyers from both sides rush to finalise the paperwork.
Completing the transaction would mark the culmination of a months-long saga that saw Elon Musk amass a big stake in the company, agree to join its board before changing his mind and then embark on a hasty quest to take Twitter private.
Elon Musk offered $54.20 a share for the company and his efforts to back out of the transaction sent the shares roughly 40% below the offer price in July.
(With agency inputs)
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Business NewsNewsOn plans to cut 75% jobs at Twitter, Elon Musk says…
First Published:27 Oct 2022, 08:08 PM IST
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