Social media company, Twitter, could carry out massive layoffs especially if billionaire Elon Musk completes his $44 billion purchase of the company.
While pitching his deal to buy Twitter to investors, Musk said he planned to get rid of nearly three-quarters of the firm’s workers, lopping its ranks to just over 2,000 employees, according to a Thursday night, October 21 Washington post report.
If Musk’s deal to buy Twitter fails, a plan by the company to cut about $800 million from its payroll by the end of next year would lead to letting go of about a quarter of its workers, the paper said.
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Staff cuts at Twitter would likely hamper the platform’s ability to moderate abusive posts or keep data secure, according to the Post, which cited interviews and documents.
After Twitter filed a lawsuit to hold Musk to the terms of the takeover deal he inked in April, Musk expressed a change of heart, giving the parties until October 28 to finalize the deal.
“I’m excited about the Twitter situation,” Musk said while fielding questions on a Tesla quarterly earnings call this week.
“I think it’s an asset that has just sort of languished for a long time but has incredible potential, although obviously myself and the other investors are overpaying for Twitter right now.”
