March 25, 2023
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Elon Musk to buy Twitter or lay off 75% of employees, 5,600 employees are expected to be affected

According to the progress, Elon Musk will complete the acquisition plan of Twitter for 44 billion US dollars (about 345.3 billion Hong Kong dollars) next Friday (28th). However, the latest news recently came that Elon Musk will lay off 75% of Twitter employees after the acquisition. Twitter then said that the company has no layoff plan and advised employees not to misbelieve rumors.

According to The Washington Post, Elon Musk plans to lay off 75% of Twitter’s staff after the acquisition to streamline internal manpower and cut infrastructure costs. Twitter, which currently employs 7,500 people, expects 5,600 employees to be affected under the layoff plan. The report also pointed out that due to the impact of the global economy, Twitter’s management had planned to lay off employees at the end of next year before the acquisition, and it was expected to cut about 25% of its employees to cut salary expenditures of about 800 million US dollars (about 6.2 billion Hong Kong dollars).

As can be seen from the internal Twitter memo released by Bloomberg, Twitter legal counsel Sean Edgett said in an email to employees on Thursday (20th) that rumors and speculation will increase as the acquisition transaction period approaches, and it is recommended not to misbelieve rumors. The buyer has not confirmed any plans before the deal closes, should wait for an official announcement from Twitter or the buyer and clarify that Twitter has no plans to lay off staff.

source:TechCrunch Mewe Page :

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Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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