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75 percent Twitter staff to be laid off? Elon Musk clarifies rumours

Employees are worried because the billionaire is still anticipated to reduce employees as part of the takeover.

DNA Web Team

Updated : Oct 28, 2022, 03:12 PM IST | Edited by : Maitry Kothari

75 percent Twitter staff to be laid off? Elon Musk clarifies rumours

Elon Musk informed Twitter Inc. employees on Wednesday that he doesn't intend to fire 75% of the workforce after he takes over the business, according to the people familiar with the situation.

The sources, who wished to remain anonymous since the details are private, claimed that Musk, whose $44 billion acquisition of Twitter is expected to conclude on Friday, contradicted the previously reported number in an address to staff members at the business' San Francisco office, says Bloomberg. (Also Read: Delhi airport deploys electric vehicles to reduce emissions)

Employees are worried because the billionaire is still anticipated to reduce employees as part of the takeover. Musk released a video earlier on Thursday showing him entering the offices while carrying a kitchen sink. He altered the title of his Twitter profile to "Chief Twit."

The social-media platform is expected to come under Musk’s ownership by 5pm New York time on October 28, as lawyers and bankers on both sides race to finalise paperwork.

If the deal goes through, it will be the conclusion of a protracted drama that saw Musk build a sizable investment in the business, agree to join its board before changing his mind, and then start a fast process to take Twitter private. In addition to securing debt financing, he also enlisted a who's who of billionaire friends and other investors to contribute a portion of the equity required, signing the acquisition deal while reneging on his right to review Twitter's financials.

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