It’s been a long time coming, but it seems like Elon Musk is finally ready to cut the fat at Twitter. Musk reportedly told prospective investors that he plans on firing 75% of the workforce. This news has sent shockwaves through the company and employees are starting to panic.
The Washington Examiner reports, as soon as Musk owns Twitter, he plans to reduce the company’s workforce by nearly 75%.
According to documents and interviews obtained by the Washington Post, the billionaire mogul is looking to reduce his workforce from 7,500 to 2,000.
As noted by AP, this plan was shared as part of Musk’s pitch to investors to finance his $44 billion takeover of the company.
It is expected that Twitter will undergo major changes under Musk as he focuses on free speech. Many employees have already left Twitter due to the upcoming changes.
A letter Musk wrote on Oct. 4 said he intends to follow through with the deal, reversing his decision earlier in the year to back out of the deal. The trial in a Twitter lawsuit was suspended a few days later so that the deal could be finalized.
The takeover deal must be finalized by Oct. 28 or Twitter and Musk will have to return to court.