
The Twitter Boss Elon Musk to Cut Down Twitter's Workforce
It has been officially made known that the twitter boss, Elon Musk plans to cut about 3,700 jobs at Twitter Inc or half of the company’s workforce in a bid to cut costs. According to a report on Wednesday, citing people familiar with the matter.
Twitter’s new owner will inform the staff affected on Friday, according to the report. Also it is reported that Musk intends to reverse the social media company’s existing work from anywhere policy and will require employees to work from office though some exceptions could be made.
Musk, in a tweet, whom had first denied a New York Times report that said he was planning to lay off Twitter employees before Nov. 1 to avoid stock grants due on the day, has admitted that he will do.
Musk is under pressure to find ways to slash costs of a business for which he says he overpaid. The billionaire agreed to pay $54.20 a share in April just as markets tumbled. He then tried for months to get out of the transaction, alleging that the company misled him about the prevalence of fake accounts. Twitter sued to force Musk to make good on his agreement, and in recent weeks, Musk caved, resigning himself to closing the deal at the agreed-upon terms. The take-private deal closed Thursday.
However, reports have it that; twitter employees have been bracing for layoffs ever since Musk took over and immediately ousted much of the top executive team, including Chief Executive Officer, finance chief , senior legal staffers and others.