Reports say Billionaire Elon Musk has plans to cut Twitter's workforce by almost 75% if his deal to take over the social media platform is finalized.
The Twitter application is seen on a phone April 25 in San Diego.Wednesday, Musk said he was "excited about the Twitter situation."
"I think it’s an asset that has sort of languished for a long time but has incredible potential," he said. "Although obviously myself and the other investors are obviously overpaying for it right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value."
SpaceX founder Elon Musk after a T-Mobile and SpaceX joint event Aug. 25, 2022, in Boca Chica Beach, Texas. Twitter officials planned to take cost-cutting measures even in the event the Musk acquisition doesn’t close, the Washington Post reported. The company reportedly planned a roughly $800 million cut in payroll by the end of 2023.
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