Elon Musk Plans To Lay Off 75 Per Cent Of Twitter Workforce: Report The report stated that Musk has told prospective investors in his Twitter purchase deal that he plans to cut nearly 75 per cent of Twitter's employee base of 7500 workers, leaving the company with a skeleton crew
By Teena Jose •
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Billionaire Elon Musk, reportedly, plans to lay off most of the Twitter's workforce if and when he becomes the owner of the social media company. According to a report by The Washington Post, the Tesla chief wants to sack almost 75 per cent of Twitter's staff once he becomes the owner of the social media platform.
The report further stated that Musk has told prospective investors in his Twitter purchase deal that he plans to cut nearly 75 per cent of Twitter's employee base of 7500 workers, leaving the company with a skeleton crew. The news report cited documents and unnamed sources familiar with the deliberations.
Commenting on the matter, Wedbush analyst Dan Ives, in a news report was quoted as saying, "A 75 per cent headcount cut would indicate, at least out of the gates, stronger free cash flow and profitability, which would be attractive to investors looking to get in on the deal. You can't cut your way to growth and such a drastic reduction in Twitter's workforce would likely to set the company back years."
Reuters reported that Twitter general counsel Sean Edgett had emailed the employees on Thursday saying the company does not plan layoffs.
As per news reports stated, while mentioning about becoming the new Twitter boss, Musk said that, "I'm excited about the Twitter situation. I think it is an asset that has just sort of languished for a long time but has incredible potential, although obviously myself and the other investors are overpaying for Twitter right now."
