In an effort to reduce expenses, Elon Musk intends to eliminate 3,700 workers, or half of Twitter’s employment, according to Bloomberg News, which cited people familiar with the situation. The article further stated that Musk will inform the impacted employees on Friday. According to the story, Musk also plans to change the social media company’s current work-from-anywhere policy.
Musk intends to eliminate a quarter of Twitter’s personnel as part of the first round of layoffs
A request for comment from BreezyScroll did not receive a response right away from Twitter.
According to various reports earlier this week, Musk intends to eliminate a quarter of Twitter’s personnel as part of the first round of layoffs at his freshly purchased business.
The specifics of the workforce reduction might yet alter as Musk and a group of advisers considered several options for job cutbacks and other policy changes at San Francisco-based Twitter. Two of the persons stated that in one scenario, those who are laid off will be provided with 60 days’ worth of severance money.
Since Musk took over and promptly fired a large portion of the top management team, including Chief Executive Officer Parag Agrawal, Finance Chief Ned Segal, and Senior Legal Staffers Vijaya Gadde and Sean Edgett, Twitter employees have been preparing for layoffs. Other departures in the days that followed included vice president of global client solutions Jean-Philippe Maheu, chief customer officer Sarah Personette, and chief marketing officer Leslie Berland.
Several employees with director and vice president positions were let go over the weekend
Several employees with director and vice president positions were let go over the weekend, according to persons with knowledge of the situation. The persons claimed that other leaders were requested to compile lists of team members who might be let go.
A person with knowledge of the situation claimed last week that senior members of the product teams were instructed to aim for a 50% workforce cut. The names were examined by engineers and directors at Tesla Inc., the automaker also led by Musk, the source claimed. According to the sources, layoff lists were created and ranked based on employees’ contributions to Twitter’s code while they were employed by the firm. Both Tesla employees and Twitter supervisors provided their opinions. (https://www.smallhandsbigart.com/)
Backstory
Musk is under pressure to reduce the expenditures of the company that he claims he overpaid. In April, just as markets were falling, the billionaire decided to pay $54.20 per share. Then, for months, he made an effort to back out of the deal by claiming that the company had deceived him about the incidence of fraudulent accounts. Twitter filed a lawsuit to compel Musk to fulfill his promise, and in recent weeks, Musk capitulated and decided to close the purchase under the predetermined terms. The buyout agreement was finalized on Thursday.