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Elon Musk Would Lay Off 75% Of Twitter's Staff If He Took Over.
Musk, Tesla CEO, reportedly plans to lay off most of Twitter's workforce once his $ 44 billion deal for the social network goes through.
Elon Musk told potential investors in the Twitter deal that he planned to lay off about 75% of the company's 7,500 employees. The Washington Post first reported this information.
On Tesla's third-quarter 2022 earnings call Wednesday, Musk said he was paying too much for Twitter.
After three months of trying to back out, he agreed to go forward with his USD 54.20/share offers for Twitter earlier this month.
"Even though the other investors and I are overpaying for Twitter right now, its long-term potential is an order of magnitude greater than its current price," Musk said.
In a June 16 Q&A with Twitter employees, Musk said their needs to be a "rationalization of headcount" and said: "Anyone who is a significant contributor should have nothing to worry about." That was before Musk tried to exit the deal in early July, when the company sued him, seeking to enforce the terms of the merger agreement. Musk reversed course after realizing he would likely lose his legal fight with Twitter over the agreement.
A judge overseeing the dispute put the Twitter deal legal proceedings on hold until October 28.
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