Despite a Washington Post claim that the eccentric businessman aims to cut personnel by 75%, Twitter Inc. management has reassured employees that no layoffs are anticipated after an agreement to buy it from billionaire Elon Musk.
According to people who have read the email, the company’s chief counsel, Sean Edgett, emphasized to staff that no layoffs are anticipated.
According to a report in The Post from yesterday, the CEO of Tesla and SpaceX has notified other potential investors that he intends to cut the company’s workforce from 7,500 to roughly 2,000 employees.
Regardless of who owns the corporation, thousands of layoffs are expected to occur in the upcoming months. According to the article, the present administration already planned to reduce personnel costs by approximately $800 million by the end of next year, which would require it to let go of almost a quarter of its workforce.
When AFP and Reuters asked the company’s management for comment on the report, they did not answer right away.
Documents reveal that plans to decrease staff and infrastructure costs existed even before Mr. Musk suggested the buyout, despite assurances from the social networking site’s human resources department officials to the contrary, according to the newspaper.
After months of financial and legal snags, the businessman is almost about to seal the deal to pay $44 billion for the social networking site.
