Billionaire Elon Musk reportedly plans to lay off most of the Twitter’s workforce when he becomes its owner. According to a report by The Washington Post, the Tesla chief intends to fire about 75 percent of Twitter’s staff.
The news report claims that Musk plans to cut 75% of the 7500+ workers that work for Twitter. Reportedly, he told prospective investors in his planned purchase that a skeleton crew is all that’s left. The source is unknown
In a news report, Wedbush analyst Dan Ives was quoted as saying that a 75% headcount cut would signal two things – free cash flow and profitability. A drastic reduction in Twitter’s workforce may set the company back years.
According to Reuters, Twitter general counsel Sean Edgett sent an email on Thursday saying they don’t plan to lay off employees.
As Elon Musk said in a recent interview, “I’m excited about the Twitter situation.” The social media platform has tons of potential – and it’s an asset that current investors are paying too much for.