Elon Musk Is Reportedly Planning To Cut Half of Twitter’s Staff
The job cuts are expected to occur on Friday.
As the newly-declared “Chief Twit,” Elon Musk is planning to cut 3,700 jobs at Twitter, according to Bloomberg, which cited anonymous sources with knowledge of the matter.
The CEO and his close advisors have been considering various plans for cutting jobs and changing work policies, per Bloomberg. Among them is a reversal of Twitter’s work-from-anywhere policy, soon requiring staffers to report to the company’s San Francisco headquarters in-person.
Another option Musk is weighing is 60 days of severance pay for fired employees, sources told the publication.
Several Twitter executives have already been let go, including CEO Parag Agrawal and CFO Ned Segal. The next wave of job cuts is expected to happen on Friday.
The move to halve Twitter’s staff is allegedly part of Musk’s plan to recoup some of the $44 billion USD spent on acquiring the social media platform. Musk notoriously overpaid for the platform at $54.20 USD per share, and spent months trying to get out of the deal after making an offer in April.
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