After months of back and forth, Elon Musk is apparently on the verge of taking over Twitter. If it actually comes to that, thousands of employees will probably have to look for a new job. According to reports, Musk is planning to lay off 75 percent of the entire workforce.
Currently, around 7,500 people work at Twitter. If Tesla CEO Elon Musk takes over the company as planned, 75 percent of them will apparently have to look for a new job.
That’s according to a report in the Washington Post. According to the report, Musk has told potential investors that he intends to make drastic redundancies in order to reduce costs.
Elon Musk: Twitter deal apparently close to completion
After Elon Musk initially backed out of his Twitter deal, accusing the platform of withholding information, the two parties sued each other. Now, however, an agreement is apparently imminent. Because the Tesla CEO recently announced a new about-face.
However, in order to avert a court case, the deal has to go through by October 28. Insiders, meanwhile, have told the Washington Post that the takeover is moving forward. The Bloomberg news agency claims to have learned that Twitter has already frozen its employees’ stock awards. That, in turn, would point to a deal.
Mass layoffs were apparently planned anyway
Regardless of the deal with Elon Musk, however, Twitter was already planning to lay off thousands of employees beforehand. According to the Washington Post, about a quarter of the workforce would have had to look for new jobs. This compares with salary savings of around 800 million US dollars.
Elon Musk wants to double Twitter’s revenue
Musk’s plans, however, still call for far more extensive layoffs. Meanwhile, a former senior Twitter employee described the planned cuts as “unimaginable.” In turn, security on the platform would suffer as a result. Twitter could become the target of numerous hacks.
Musk, meanwhile, believes he is paying too much for Twitter. In addition to the planned layoffs, he therefore wants to double the company’s revenue over the next three years. However, he left it open how exactly that is supposed to work.