The mega-billionaire plans to lay off 3,700 Twitter employees, about half of the current workforce of around 7,500, Bloomberg reported Wednesday, citing unnamed sources.
Twitter representatives did not respond to a request for comment.
Musk plans to notify Twitter employees of the major layoffs on Friday, Nov. 4, according to the Bloomberg report. Moreover, it will announce the end of the company’s permanent work-from-home policyinstituted two years ago at the onset of the COVID pandemic, and require employees to visit Twitter offices with few exceptions, the report said.
Last week, before the deal officially closed on Oct. 27, Musk told Twitter employees he had no plans to cut 75% of the company’s workforce, Bloomberg previously reported. Earlier this month, The Washington Post reported that Musk previously told potential investors in the Twitter deal that he planned to lay off nearly three-quarters of Twitter’s staff, or about 5,500 employees.
The impending layoffs on Twitter are no surprise. In a Q&A with company employees on June 16, Musk said there needed to be a “downsizing of the workforce” and said, “Anyone who is a significant contributor shouldn’t have to worry. “
Over the weekend, The New York Times had reported The Twitter job cuts would take place before the November 1 date when employees were due to receive stock awards as part of their compensation and that by laying off employees before that date, “Mr. Musk may avoid paying subsidies. On Sundays, musk refused The report.
Job cuts would continue the rapid transformation of Twitter under Musk after taking out its favorite social network — a deal that included $13 billion in debt financing, putting pressure on the company to boost revenue and cut expenses. After the deal was completed, the tech mogul immediately fired senior executives, including CEO Parag Agrawal, and Musk assumed the role of CEO and dissolved the company’s board.
On Tuesday, Musk announced that the price of a Twitter Blue subscription would drop from $4.99 to $8 per month – and will be the only way to get verification on the platform, as well as the addition of other new perks. “Twitter’s current lords and peasants system for who does or doesn’t have a blue tick is bullshit,” he said. tweeted.
On Wednesday, Musk spent time arguing with — and dragging — reviews of the $8 monthly fee. It included an exchange with Rep. Alexandria Ocasio-Cortez (D-NY), who wrote, “Lmao at a billionaire seriously trying to sell people the idea that ‘free speech’ is actually a plan of $8/month subscription.” Musk, from the right, replied: “Your comments are appreciated, now pay $8” (and he pinned the tweet to his profile). Musk also tweeted an image of an AOC campaign sweatshirt, with the $58 price tag circled in red, complete with a thinking face emoji. Ocasio-Cortez later fire back at Musk, writing, “A guy’s business plan for an overleveraged $44 billion buyout is apparently to run and ask people individually for $8. Remember that the next time you find yourself wondering or wondering about your qualifications. »
Musk also wants to relax Twitter’s content moderation policies and lift its lifetime bans on individual users, though he promised advertisers that Twitter will not become “a free-for-all hellscape”. Twitter will form a content moderation board with “very diverse views,” according to Musk, and he said “no major content or account reinstatement decisions will occur until this board meets.” Tuesday, Musk tweeted that Twitter will not reinstate anyone who has been permanently banned for breaking Twitter rules – as Donald Trump was tracking his support for the Jan. 6 attackers – “until we have a clear process for doing so, which will take at least a few more weeks. ”
Meanwhile, Musk has changed his Twitter bio to read “Twitter Complaint Hotline Operator” and seems to be reveling in his complete control of the business.
“Twitter is simply the most interesting place on the internet,” he said. tweeted Wednesday. “That’s why you’re reading this tweet right now.”