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Twitter will not carry out mass layoffs after $44 billion Elon Musk takeover

By Nithya Bose in Twitter/X News, posted October 24, 2022

Twitter informed employees there are no plans for company-wide layoffs, after it was reported Elon Musk is considering a massive staff reduction once he takes control of the social media giant.

The company has responded to claims the Tesla billionaire is aiming to slash the company's 7,500 headcount by 75 percent.

It was reported that he told this to prospective investors as the deal’s deadline approaches.

The Washington Post report says job losses are expected in the coming months, regardless of who owns the firm.

Twitter's existing management had expected to cut around $800 million from the company's payroll by the end of next year, which represents the departure of approximately a quarter of the workforce.

Human resources personnel at the social media giant have now told employees more mass layoffs are not intended.

However, records have revealed substantial preparations to sack employees.

It shows infrastructure cost cuts were already in place before Musk tried to acquire the firm.

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Musk tried to back out of the sale of Twitter in May, claiming that the firm undervalued the number of bot and spam accounts on the social media platform.

The move led to the prospect of a major legal battle between the two, but Musk backed out earlier this month and says he will now proceeded with buying the company on the original terms - a deal thought to be worth $44 billion.

Source: CNBC

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