Twitter continues to undergo changes under new owner Elon Musk as the latest information comes from Bloomberg, which reported on Wednesday that massive layoffs are coming to the company.
According to the information, Musk plans to eliminate about 3,700 jobs at Twitter or half of the social media company’s staff. The reason for this move is the Tesla CEO’s bid to drive down costs following his $44 billion acquisition.
“Twitter’s new owner aims to inform affected staffers Friday, said the people, who requested anonymity discussing non-public plans,” Bloomberg wrote.
“Musk also intends to reverse the company’s existing work-from-anywhere policy, asking remaining employees to report to offices — though some exceptions could be made.”
The social media platform’s new owner and a team of advisers have been weighing a range of scenarios for job cuts and other policy changes. In one scenario being considered, the staffers that Musk and Twitter plan to lay off will be offered 60 days’ worth of severance pay.
“Musk is under pressure to find ways to slash costs of a business for which he says he overpaid,” Bloomberg added. “The billionaire agreed to pay $54.20 a share in April just as markets tumbled.”
Twitter employees have been preparing themselves for layoffs since Musk took over, so this news may not surprise some.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
