Social Media

Twitter Staff to be Slashed by 75% as Musk Reveals His Takeover Plans

Tesla CEO Elon Musk has recently disclosed to investors his plans to lay off 75% of Twitter’s workforce which is about 5,500 workers, once he takes over from the microblogging company.

Following his decision, Musk plans to have a workforce of only a little more than 2,000 workers.

In June this year, via a video call with Twitter employees, Musk disclosed that it was necessary to rationalize the number of employees at the company, noting that anyone who is a significant contributor should have nothing to worry about. Although this statement was made before he opted out of the Twitter acquisition deal.

In a response to Musk’s statement, Twitter CEO Parag Agrawal issued a statement assuring the company’s employees that while he did not have concrete answers about what would happen once Elon Musk purchases the platform, there are no planned layoffs. Agrawal further admitted that there is quite a bit of uncertainty following Musk’s acquisition.

In a recent development following Musk’s statement of a 75% job cut, Twitter General Counsel Sean Edgett emailed employees on Thursday, clarifying that the company has no plans for massive layoffs since it signed a deal to be acquired by billionaire Elon Musk.

Also, Human resources staff at Twitter have told employees that they were not planning for mass layoffs, but documents showed extensive plans to push out staff and cut down on infrastructure costs were already in place before Musk offered to buy the company

While job cuts have been expected regardless of the sale, the magnitude of Musk’s planned cuts is far more extreme than anything Twitter had planned.

Experts have warned that with Musk’s drastic reduction of Twitter’s workforce, the platform could quickly become overrun with harmful content and spam.

Recall that after Musk’s initial $44 billion bid in April to buy Twitter, the Tesla boss opted out of the deal, stating that Twitter lied about the number of fake “spam bot” accounts it had on its platform.

Twitter then sued Musk, and a Delaware judge gave both sides until Oct. 28 to work out details, otherwise, there will be a trial in November. Investors King reported that Tesla CEO has made a u-turn to acquire the microblogging platform for the initially agreed price of $44bn.

Investors King

Share
Published by
Investors King

Recent Posts

Discordant Tunes Greet 50% Tariff Hike As Subscribers Threaten To Sue NCC

Nigerians have expressed displeasure over the decision of the Nigerian Communications Commission to increase tariffs…

2 hours ago

Beatrice Ekweremadu Returns to Nigeria After Serving Sentence in UK

Mrs. Beatrice Ekweremadu, wife of former Deputy Senate President Senator Ike Ekweremadu, has reportedly returned…

3 hours ago

Nigeria Expands Refining Capacity with MRO Energy’s Delta State Refinery

The Federal Government has taken another step toward boosting Nigeria’s refining capacity with the approval…

3 hours ago

Eko DisCo Set for Transformation as Transgrid Enerco Signs Historic 60% Acquisition Agreement

Transgrid Enerco Limited has signed a Share Purchase Agreement (SPA) to acquire a 60% equity…

4 hours ago

Metering Gap Exceeds 7 Million Despite Multilateral Loans and Government Funds

Despite interventions by the Federal Government and multilateral lenders amounting to over N1.5 trillion, Nigeria’s…

4 hours ago

Petrol Prices Surge to N990 in Abuja, N960 in Lagos as Oil Tops $80 Per Barrel

The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at…

5 hours ago