New Twitter owner Elon Musk plans to lay off 50% of Twitter’s workforce, or approximately 3,700 people, Bloomberg affirmations. The main reason for the layoffs is cost cutting and employees have yet to be informed.
Additionally, the remaining people will be asked to work from the office full-time, which is a reversal of work-from-anywhere policy introduced in the early days of the COVID-19 pandemic.
Executives and senior consultants have discussed with Elon Musk a number of scenarios for how layoffs should happen and one idea is that the dismissed workers receive 60 days of severance pay, sources said. Bloomberg.
Elon Musk was forced to buy Twitter at a negotiated price in April, which was $ 54.20 per share, or about $ 44 billion. The South African said he overpayed for the business and is looking for ways to bring in profit – Twitter often reports quarterly losses and has not returned profits in eight of the past decade.
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