Related Articles
Twitter, a social media platform, may make massive layoffs, particularly if billionaire Elon Musk successfully closes on his $44 billion acquisition of the business.
Thank you for reading this post, don't forget to subscribe!
According to a Thursday night, October 21 Washington Post report, Musk stated that he intended to fire approximately three-quarters of the company’s workforce, bringing its headcount to just over 2,000 employees, when presenting his offer to buy Twitter to investors.
According to the newspaper, if Musk’s effort to purchase Twitter is unsuccessful, the business plans to lay off approximately a quarter of its workforce by the end of next year in order to save about $800 million from wages.
According to the Post, which cited interviews and papers, Twitter staff reductions would probably make it more difficult for the platform to police offensive messages and maintain data security.
Musk changed his mind and gave the parties till October 28 to complete the takeover agreement after Twitter sued to enforce the terms of the agreement he signed in April.
On a call to discuss Tesla’s quarterly earnings this week, Musk responded to inquiries by saying, “I’m excited by the Twitter issue.
Although I and the other investors are clearly overpaying for Twitter at the moment, I believe it to be an asset that has long lain dormant but has enormous potential.
