What’s Next? Elon Musk may be laying off employees by Friday 4th November


One week after purchasing Twitter for $44 billion, Elon Musk is reportedly preparing to drastically reduce the company’s personnel in order to reduce costs.

According to Bloomberg on Wednesday, which cited unnamed sources, the multi-billionaire intends to fire 3,700 Twitter employees, or roughly half of the company’s current employment of about 7,500.

According to the Bloomberg article, Musk intends to notify Twitter employees of the significant layoffs on Friday, Nov. 4. He will also reportedly declare the end of the business’ ongoing work-from-home policy, which was put in place two years ago at the onset of the COVID outbreak, and mandate that workers visit Twitter’s offices, with certain exclusions.

According to Bloomberg, Musk informed Twitter staff last week that he did not intend to let off 75% of the company’s employees before the deal’s official close on October 27. Earlier this month, the Washington Post revealed that Musk had previously told potential Twitter investors that he intended to fire nearly 5,500 employees, or roughly three-fourths of the company’s workforce.

READ ALSO  TWITTER: Despite Elon Musk's acquisition, Jack Dorsey still own a portion of the company

It’s not shocking that Twitter will be laying off employees.

The New York Times had earlier in the weekend reported that layoffs at Twitter would occur before Nov. 1, when workers were expected to get stock grants as part of their pay, and that by doing so, “Mr. Musk may avoid paying the grants.” Musk disputed the claims on Sunday.

After taking his preferred social network private with a $13 billion debt financing deal, which put pressure on the business to increase income and decrease costs, Musk quickly transformed Twitter, and the job losses would be the next step in that change. After the deal was finalized, the tech tycoon fired senior executives right away, including the CEO Parag Agrawal. Musk then took over as CEO and disbanded the board of directors.

The price of a Twitter Blue subscription will rise from $4.99 to $8 per month, according to an announcement made by Elon Musk on Tuesday. This subscription will be the only way to get verified on the platform and will also come with new benefits. He called Twitter’s lords & peasants system, which determines who has or doesn’t have a blue checkmark, “bullshit.”

Musk has assured advertisers that Twitter won’t turn into “a free-for-all hellscape,” but he also wants to relax content control guidelines and lift lifetime user bans. According to Musk, Twitter would establish a content-moderation council with “widely diverse opinions,” and “no major content judgments or account reinstatements will happen before that council convenes,” he added.

READ ALSO  Pi Chain Mall Surpasses 10 Million Pi Barter Volume on Mainnet: Withdrawal Limit to be Increased to 100 Pi per day

As Donald Trump continued to defend the attackers on January 6, Musk wrote on Tuesday that Twitter would not let anyone who had been permanently banned for breaking its rules to reapply “until we have a clear mechanism for doing so, which will take at least a few more weeks.”

While all of this is going on, Musk has updated his Twitter bio to read “Twitter Complaint Hotline Operator” and seems to be enjoying having total control over the business.

He tweeted on Wednesday, “Twitter is just the most intriguing area on the internet.” You are currently reading this tweet because of that.


Leave a Reply

Your email address will not be published. Required fields are marked *