Elon Musk is set to slash Twitter’s headcount drastically once his $44 billion deal for the social network goes through.
The mega-billionaire has told potential investors in the Twitter deal that he plans to lay off almost 75% the company’s staff, or about 5,500 employees, to reduce the size of its workforce from 7,500 to just over 2,000, the Washington PostReps for Twitter and Musk did not immediately respond to a request for comment.. Earlier this month he agreed to go forward with his original $54.20/share offer for Twitter, after spending three months attempting to back out of the deal.
Per the Post story, Twitter management had planned to cut its payroll by $800 million by the end of 2023, representing a 25% reduction in headcount. As such, Musk’s $44 billion acquisition is a “golden ticket for the struggling company,” according to the Post article, “potentially helping its leadership avoid painful announcements that would have demoralized the staff and possibly crippled the service’s ability to combat misinformation, hate speech and spam.
In a June 16 Q&A with Twitter employees, Musk said there needs to be a “rationalization of headcount,” and said: “Anyone who is a significant contributor should have nothing to worry about.” That was before Musk tried to exit the deal in early July, whereupon the company sued him, seeking to enforce the terms of the merger agreement. Musk evidently reversed course after realizing he would likely lose his legal fight with Twitter over the agreement. until Oct.
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