Elon Musk has completed the much awaited takeover of Twitter in a $44 billion buyout deal. Earlier, there were rumors that the Tesla’s CEO is planning to reduce Twitter’s workforce by 75 percent. However, company resources stated that he has no plans of cutting company’s workforce by 75 percent after the completion of acquisition.
Musk intended to fire 5,000 workers – Media Reports
Previously, The Washington Post came up with the news that layoffs are bound to happen at Twitter. In addition, the newspaper also claimed that the plans of job cuts were in place prior to Musk interest in buying Twitter. Moreover, they reported that Elon Musk plans to lay off 5,000 of Twitter’s total workforce of 7,500 employees. Hence, these rumors created an anxiety among the employees. However, Twitter was quick to respond to the layoff related news. They told its staff that there are no plans to fire a large number of its workforce. According to current reports from Bloomberg, Twitter’s current management intends to lay off some 25 per cent of employees by the end of next year. Although this number is significantly less than that what Musk has earlier intended.
Major changes at Twitter
Elon Mush officially took over Twitter on today and is planning a major shift in the way company is operating. According to a source, the billionaire expects to double revenue within three years. Significantly, the new Tesla CEO have reportedly fired number of key executives at the social media firm. The most prominent is the firing of its current CEO Parag Agrawal. In addition, according to media reports chief financial officer Ned Sega and the legal and policy executive, Vijaya Gadde are also leaving alongside Mr. Agrawal.
Earlier, like many other companies Twitter also announced to slow down its hiring amid crunch economic situation.
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