In an effort to reduce costs, Elon Musk plans to cut around 3,700 workers at Twitter, or 50% of the workforce, according to Bloomberg sources. Twitter’s new owner intends to inform impacted employees on November 4th. The remaining staff will be asked to return to the office as Musk plans to alter the company’s current work-from-anywhere policy. Sources say that some exceptions may still be granted.
Musk is seeking to find methods to reduce the expenditures of a company he claims he overpaid. In April, just as markets began to decline, the billionaire committed to paying $54.20 per share. He then claimed that the corporation had deceived him about the popularity of bogus accounts while he tried for months to back out of the transaction. In recent weeks, Musk gave in and decided to close the purchase under the predetermined terms after the San Francisco-based company had filed a lawsuit to ensure Musk fulfilled his commitment.
Last week, senior members of the product teams were instructed to aim for a 50% workforce cut. Engineers and directors examined the names of Tesla, which was also led by Musk. According to the sources, layoff lists were created and ranked based on employees’ contributions to Twitter’s code while employed by the firm.