Twitter boss Elon Musk to fire half of employees as a cost-cutting measure
New Twitter owner Elon Musk plans to fire 50% of Twitterâs workforce or about 3,700 people, Bloomberg claims. The key reason for the lay-offs is a cost-cutting and the employees are yet to be informed.
On top of that, the remaining people will be asked to work from the office full-time, which is a reversal of the work-from-anywhere policy that was introduced in the early days of the COVID-19 pandemic.
Senior executives and advisers have been discussing with Elon Musk a range of scenarios for how the layoffs should take place, and one idea is for terminated workers to receive 60 daysâ worth of severance pay, sources told Bloomberg.
Elon Musk was forced to buy Twitter at a price negotiated in April, which was $54.20 per share, or about $44 billion. The South African said he overpaid for the business and is looking for ways to bring profit - Twitter frequently reports quarterly losses and has not returned a profit in eight of the past ten years.