Twitter Shares Slumped 16% as Musk Plans to Cut Twitter Workforce by 75%

Tiger Newspress2022-10-21

Twitter shares slumped 16% as Musk plans to cut Twitter workforce by 75%.

Musk, whose $44 billion purchase of the social network is set to close by Oct. 28, would reduce Twitter’s staff to just more than 2,000 people, compared with the 7,500 it currently employs, the Post reported, citing Musk’s comments to prospective investors. Musk had told investors he planned to shrink staff in his initial pitch to bankers for funding, people familiar with the matter told Bloomberg in April.

The billionaire, also chief executive officer of Tesla Inc., earlier this month said he would follow through with his agreement to take Twitter private, ending a months-long court battle over the deal. Even if Musk doesn’t end up owning Twitter, the company would need to trim its workforce to cut costs, according to the Post.

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Comments

  • AA_EhhEhh_88
    2022-10-21
    AA_EhhEhh_88
    sasd
  • AA_EhhEhh_88
    2022-10-21
    AA_EhhEhh_88
    sss
  • MIe
    2022-10-21
    MIe
    Good cost effective plan to transform tweet after private 
  • Ausie Andy
    2022-10-21
    Ausie Andy
    Why do the current share owners care, as long as Musk goes through with the sale?
  • HLPA
    2022-10-21
    HLPA
    Buy and wait for 54.20 payment from Elom Musk
  • Nanamoney
    2022-10-21
    Nanamoney
    What game he is playing now ? Cut 75 percent workforce ? Using own staff must be ... why ?  
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