Elon Musk informs potential investors that he intends to fire approximately 75% of Twitter’s employees as part of his agreement to acquire the social media business.
Regardless of who controls the firm, job layoffs are anticipated in the next months, according to the article by Washington Post, which referenced interviews and papers. The timing of Musk’s aspirations, should he end up taking over the company, is bad news for Twitter. Amid a general economic slowdown in the IT sector, when numerous firms have recently announced hiring freezes and layoffs, the corporation said in July that it has already “seriously curtailed hiring.”
There were “no plans for any company-wide layoffs,” according to an internal message sent by Twitter. Meanwhile, bad morale has been cultivated by the acquisition drama involving Musk, which has caused a mass exodus of workers. Since Musk attempted to back out of the $44 billion acquisition proposal, Twitter has been locked in a legal fight with the billionaire for months. Musk later changed his mind and said earlier this month that he would go with the buyout after all.
Getting Ready for the Massive Layoffs
The Washington Post stated that despite assurances from the social media company’s human resources department that mass layoffs were not in the works, substantial preparations to fire personnel and reduce infrastructure expenses were in place even before Musk made an acquisition bid.
However, the latest report indicated Elon Musk wanted to slash Twitter’s 7,500 workers down to a “skeleton staff” of roughly 2,000 individuals. Twitter’s present management had intended to fire 25% of the workforce by the end of next year.
According to Tobias, the layoffs will likely affect Twitter’s everyday operations, particularly its capacity to police offensive material and address security problems. This comes after a harsh whistleblower assessment in September said that Twitter had “egregious” flaws and had fallen short on both counts.
Twitter reportedly expected to reduce financing to infrastructure locations, including its data centers, according to the Washington Post story. Musk has said that as Twitter’s owner, he would relax content control guidelines and perhaps change the business model to one based on subscriptions.
