According to a recent report from the New York Times, new Twitter owner Elon Musk is now set to fire up to 50 percent of the Twitter workforce as he attempts to turn the company around from a free speech and financial standpoint now that his $44 billion purchase of the social media giant has gone through.
News on that comes from the New York Times, which reported following the purchase that Musk “ordered the cuts across the company, with some teams to be trimmed more than others.”
The report went on to note that “some managers” are already “being asked to draw up lists of employees to cut.”
Putting a number on the extent of the cuts now that the 75% idea Musk initially had suggested for how many to fire appears to have been tabled was Ross Gerber, the chief executive of Gerber Kawasaki Wealth and Investment Management. Gerber, speaking about what he heard from a top official on Musk’s Twitter takeover team, said:
“I was told to expect somewhere around 50 percent of people will be laid off.”
As could be expected, Twitter employees are already freaking out about the coming cuts to the formerly woke social media company’s payroll as Musk takes a torch to the redundant and woke employees. Axios, reporting on that, noted that:
Cuts are expected to be made ahead of November 1, when most employees’ quarterly grants of stock options are scheduled to vest.
The layoffs are slated to begin this weekend, and it will be “a bloodbath — like 15-30%+” in the product organization, one source said.
Axios did, however, dispute Gerber’s claim, saying that a source told it a 30% cut to payroll is expected in some departments and adding that:
“You wouldn’t be able to operate the company down 50% HC (head count),” one source said. After the layoffs, the source noted, 10-15% of remaining employees could likely leave due to the workload.
Regardless of the final percentage of the Twitter team that’s fired, it would appear that massive cuts are coming. Read more