Musk Plans to Eliminate Half of Twitter Jobs to Cut Costs
In an effort to reduce expenses, Elon Musk intends to eliminate 3,700 jobs at Twitter Inc., or half of the company’s employment, according to a report published on Wednesday by Bloomberg News, which cited people familiar with the situation. The impacted employees will be informed on Friday by Twitter’s new owner.
According to Bloomberg, Musk plans to overturn the social media company’s current “work from anywhere” policy and mandate that staff work from the office, with some possible exceptions. In a tweet, Musk refuted a New York Times report that said he planned to fire Twitter workers before November 1 in order to avoid stock grants that were due on that day.
A request for comment from Reuters did not receive a response right away from Twitter. According to reports cited by Reuters earlier this week, Musk intends to eliminate a quarter of Twitter’s personnel as part of the first round of layoffs at his freshly purchased business.