Musk Plans to Cut Twitter Workforce by 75%, Washington Post Says
$Tesla (TSLA.US)$ Elon Musk’s plans for $Twitter (Delisted) (TWTR.US)$ involve slashing its staff by nearly 75% in a matter of months, according to documents obtained by the Washington Post.
Musk, whose $44 billion purchase of the social network is set to close by Oct. 28, would reduce Twitter’s staff to just more than 2,000 people, compared with the 7,500 it currently employs, the Post reported, citing Musk’s comments to prospective investors. Musk had told investors he planned to shrink staff in his initial pitch to bankers for funding, people familiar with the matter told Bloomberg in April.
The billionaire, also chief executive officer of Tesla Inc., earlier this month said he would follow through with his agreement to take Twitter private, ending a months-long court battle over the deal. Even if Musk doesn’t end up owning Twitter, the company would need to trim its workforce to cut costs, according to the Post.
$S&P 500 Index (.SPX.US)$ $Invesco QQQ Trust (QQQ.US)$ $Nasdaq Composite Index (.IXIC.US)$ $ARK Innovation ETF (ARKK.US)$ $Tradr 2X Short Innovation Daily ETF (SARK.US)$
Musk, whose $44 billion purchase of the social network is set to close by Oct. 28, would reduce Twitter’s staff to just more than 2,000 people, compared with the 7,500 it currently employs, the Post reported, citing Musk’s comments to prospective investors. Musk had told investors he planned to shrink staff in his initial pitch to bankers for funding, people familiar with the matter told Bloomberg in April.
The billionaire, also chief executive officer of Tesla Inc., earlier this month said he would follow through with his agreement to take Twitter private, ending a months-long court battle over the deal. Even if Musk doesn’t end up owning Twitter, the company would need to trim its workforce to cut costs, according to the Post.
$S&P 500 Index (.SPX.US)$ $Invesco QQQ Trust (QQQ.US)$ $Nasdaq Composite Index (.IXIC.US)$ $ARK Innovation ETF (ARKK.US)$ $Tradr 2X Short Innovation Daily ETF (SARK.US)$
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Singh Rahul : More... but maybe less.
MACKGforEver : Well, that’s one way to get third party equity investors interested in $Twitter (Delisted) (TWTR.US)$ - vow to lay off 75% of staff. $Tesla (TSLA.US)$
RDK79 : If the Washington Post says it, it must be true….
GODGIVENFOOL139 : ok