Elon Musk, one week into his $44 billion takeover of Twitter, is gearing up to massively slash the company’s workforce to cut costs, according to a new report.
The mega-billionaire is planning to lay of 3,700 Twitter employees, or about half of the current workforce of approximately 7,500, Bloomberg reported Wednesday, citing anonymous sources.
Reps for Twitter did not respond to a request for comment.
Last week, ahead of the deal’s official Oct. 27 close, Musk told Twitter employees that he did not plan to cut 75% of the company’s workforce, Bloomberg previously reported. Washington Post eerlier this month reported that Musk previously told potential investors in the Twitter deal that he planned to lay off nearly three-fourths of Twitter’s staff, or about 5,500 employees.
The job cuts would continue the rapid transformation of Twitter under Musk after taking his favorite social network private. The tech mogul immediately fired senior execs after the deal closed, including CEO Parag Agrawal, and Musk assumed the role of CEO and dissolved the company’s board of directors.
More to come