Twitter Rubbished Mass Layoff Reports Following Elon Musk Takeover

Twitter Inc TWTR confronted reports suggesting Tesla Inc TSLA CEO Elon Musk aimed to gut its workforce as part of his takeover.
Twitter told staff there had not been plans for companywide layoffs since it signed Musk's deal, Bloomberg reports citing an internal memo.
Musk's plan for Twitter reportedly involved downsizing its staff by 75%, reducing Twitter's staff to just over 2,000 people, compared with the 7,500 its current strength.
Also Read: Twitter-Elon Musk Deal Is On As The Social Media Company Locks Employee's Equity Award Accounts
Even if Musk does not purchase Twitter, the company plans $800 million in payroll cuts by the end of 2023, or about one-quarter of its workforce.
Potential investors reportedly knew the plan for cuts, along with an effort to double revenue within three years.
Twitter General Counsel Sean Edgett said discussions about cost savings and planning occurred earlier in the year. "Those discussions stopped once the merger agreement was signed," he said.
He had warned workers to expect "tons of public rumors and speculation" as the deal's closing neared.
Price Action: TWTR shares traded lower by 4.61% at $50.02 in the premarket on the last check Friday.
Photo by Gerd Altmann from Pixabay

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