Elon Musk plans to axe 50% of Twitter jobs to cut costs: Report
Source: India Today
Oct 03, 2022
According to a report, Elon Musk is planning to axe about 3,700 jobs or half of Twitter's workforce in a bid to cut costs. He also intends to reverse the social media company's existing work from anywhere policy, the report said.
By India Today Web Desk: When Elon Musk took control of Twitter, he fired top executives of the company, including the CEO and chief legal officer. Now Bloomberg News has reported that the billionaire is planning to axe about 3,700 jobs or half of company's workforce in a bid to cut costs.
Twitter's new owner will inform the staff affected on Friday, according to the report.
Bloomberg also 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.
Earlier, Musk, in a tweet, had denied a New York Times report that said he was planning to lay off Twitter employees before November 1 to avoid stock grants due on the day.
As per reports, Musk told investors that he 'would take Twitter private, reduce its work force, roll back its content moderation rules and find new revenue streams'.
'BIRD IS FREED'
After months of negotiations, ups and downs, Musk sealed the Twitter deal with a cryptic post that said, "the bird is freed", seemingly flagging his aim to make the platform open to free speech.
Musk's Twitter acquisition was under scrutiny for months now as he wanted to get out of his $44 million deal. In April 2022, Musk tabled his doubts that the agreement was ambiguous. He stated that the entity failed to sufficiently provide the number of spam and fake accounts on the platform.
In fact, when he said that he was ready to terminate the proposal, Twitter sued the Tesla owner alleging he 'refused to honour his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests'.
Twitter's legal team said that the Tesla CEO's 'proposal is an invitation to further mischief and delay'. A Delaware Chancery Court judge eventually ruled that Musk had until October 28 to cement the Twitter deal or head to trial. Musk eventually sealed the deal on October 28 and has changed his Twitter bio to 'Twitter Complaint Hotline Operator'.
(With inputs from AP, Reuters)