Since Elon Musk revealed that he will proceed with the Twitter deal and take over the social media company, the majority of employees at the company are afraid for their jobs. Allegedly, the Tesla CEO wants to cut off more than half of the staff working on Twitter. To be more precise, he thinks that just 25% of the current staff should be enough for the company to run smoothly.
In terms of numbers, according to the tech mogul, about 2000 people are enough for Twitter to function. According to him, it will be as efficient as it is now. This presents yet another twist in the Twitter saga, as the employees currently working for the company won’t like Elon Musk’s newest decision.
Elon Musk Will Cut 75% Of Twitter’s Workforce When He Takes Over
The Washington Post is the first to report the story that about 5500 people will be jobless. It’s just a matter of time when. Elon Musk will take the owner’s seat at Twitter. Tesla’s CEO will try to reduce his expenses after the acquisition as much as possible. The billionaire already thinks he is spending too much money on the company.
The Twitter deal has been struck, maybe at the worst possible moment for Elon Musk. He made the offer when the price for the social media was at its highest in 2022. After Elon’s offer, the world felt the consequences of the shortage of materials caused by the raging war in Ukraine. As a result, the stock market started crumbling and inflation started showing its signs. And Elon Musk is very well aware of that.
“I and the other investors are obviously overpaying for Twitter right now. The long-term potential of Twitter, in my opinion, is an order of magnitude greater than its current value.” – Elon Musk revealed in a recent interview.
At first, the breaking news concerning Twitter was that Elon Musk is planning to cut about 25% of the workforce. That would have resulted in a cut of the payroll for about $800 million by the end of the year. However, since Elon Musk increased the number to 75%, things sound much scarier to people working there. As per The Washington Post’s reports, that would be equivalent to a cut of about $2.4 billion from the next year’s payroll.
In June, Elon Musk hinted that he will “rationalize the number of employees”. However, he said that “anyone who is a significant contributor should have nothing to worry about.”
What do you think? Would Twitter be able to deliver the same experience if it has 75% less staff?
