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In an effort to reduce costs, Elon Musk plans to cut around 3,700 workers at Twitter, or 50% of the workforce, according to Bloomberg sources. Twitter's new owner intends to inform impacted employees on November 4. The remaining staff will be asked to go to offices as Musk also plans to alter the company's current work-from-anywhere policy. Sources say that some exceptions may still be granted.

Musk has to find methods to reduce the expenditures of a company that he claims he overpaid. In April, just as markets began to decline, the billionaire committed to paying $54.20 per share. He then allegedly claimed that the corporation had deceived him about the popularity of bogus accounts while he tried for months to back out of the transaction. In recent weeks, Musk gave in and decided to close the purchase under the predetermined terms after the San Francisco-based company had filed a lawsuit to ensure Musk fulfils his commitment.

Also Read: Elon Musk’s Indian friend defends Tesla CEO after Parag Agrawal gets sacked

Last week, senior members of the product teams were instructed to aim for a 50% workforce cut, a person with knowledge of the situation claimed. The names were examined by engineers and directors at Tesla, also led by Musk. According to the sources, layoff lists were created and ranked based on employees' contributions to Twitter's code while they were employed by the firm.

The specifics of the workforce reduction might yet alter as Musk and a group of advisers considered several options for job cutbacks and other policy changes at Twitter. Two of the people stated that in one scenario, those who are laid off will be provided with 60 days' worth of severance money.

Also Read: Elon Musk has to pay Parag Agrawal this massive amount upon termination

Since Musk took control and fired a large portion of the top management team, including CEO Parag Agrawal, Twitter employees have been preparing for layoffs. Leslie Berland, the chief marketing officer, Sarah Personette, the chief customer officer, and Jean-Philippe Maheu, the vice president of global client solutions, were among the other executives to leave in the days that followed.

(With agency inputs)

ABOUT THE AUTHOR

Sounak Mukhopadhyay

Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and social media. Before working with digital news publications, he worked as a freelance content writer.
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