Elon Musk is said to be planning on eliminating around half of Twitter’s workforce, as part of efforts by the company’s new owner to drive down costs. After completing the takeover deal last week, Musk is aiming to inform around 3,700 affected staffers on Friday, and intends to reverse the company’s existing work-from-anywhere policy for the employees that are retained.
Elon Musk plans to eliminate about 3,700 jobs at Twitter, or half of the social media company’s workforce, in a bid to drive down costs following his $44 billion (roughly Rs. 3.6 lakh crore) acquisition, according to people with knowledge of the matter. Twitter’s new owner aims to inform affected staffers Friday, said the people, who requested anonymity discussing non-public plans. Musk also intends to reverse the company’s existing work-from-anywhere policy, asking remaining employees to report to offices — though some exceptions could be made, the people said.
Musk and a team of advisers have been weighing a range of scenarios for job cuts and other policy changes at San Francisco-based Twitter, the people said, adding that the terms of the headcount reduction could still change. In one scenario being considered, laid-off workers will be offered 60 days’ worth of severance pay, two of the people said.
After the layoffs were sorted, Twitter Chief Accounting Officer Robert Kaiden left the company, becoming one of the last pre-Musk C-suite executives to depart, according to people familiar with the matter.
