Elon Musk is planning to lay off 50 percent of Twitter's employees. Also, the policy of working from anywhere will be canceled and all employees will have to come to the office.
San Francisco: In an effort to cut costs, Elon Musk plans to cut about 3,700 employees at Twitter, or 50 percent, according to Bloomberg sources. Twitter’s new owner wants to notify affected employees on November 4. The remaining employees will be asked to go to the offices, as Musk plans to change the company’s current work-from-anywhere policy. Sources say that there may be some exceptions to this.
“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” said the email, seen by Reuters.
Elon Musk will have to find ways to reduce the company’s spending, which he claims has overpaid. In April, as the markets began to tumble, the billionaire committed to pay $54.20 per share. He then allegedly claimed that the corporation had deceived him about the popularity of fake accounts, while he had tried for months to back away from the transaction.
In recent weeks, Musk decided to close the purchase under predetermined terms and after the San Francisco-based company sued Musk to fulfill its commitment
Last week, senior members of the product team were instructed to aim for a 50 per cent workforce reduction, a person claimed was aware of the situation. Under Musk’s leadership, Tesla engineers and directors scrutinized the names. According to sources, the layoff list was prepared and ranked on the basis of employees’ contribution to the Twitter code.
The specifics of the workforce reduction may still change, as Musk and a group of advisers took to Twitter to consider a range of options for job cuts and other policy changes. Two employees working in Twitter say that in the scenario, those who are being planned to be removed, they will be given a 60-day separation amount.