Multiple publications report that Twitter informed staff on Thursday evening that Elon Musk will start making mass layoffs on Friday, The Hill informs.
According to The Washington Post, the tough process of decreasing the worldwide staff will begin on Friday in an effort to put Twitter on a healthy path, the firm announced in a company-wide email.
According to The New York Times, Twitter’s 7,500 staff members were allegedly instructed to leave the workplace on Friday due to the layoffs and not return. Instead, by 9 a.m., employees will receive an email in which they will be informed of the status of their job on Friday.
According to the Post, Musk, who bought Twitter last week after finalizing his $44 billion takeover of the social network, is anticipated to reduce employment by nearly half.
Pressure is mounting on the richest man in the world to make Twitter profitable, the New York Times informs. The transaction was the most leveraged acquisition of a technology business in history.
The New York Times reports that to complete the purchase, the billionaire also borrowed $13 billion from Twitter, and he must now pay interest on that loan of around $1 billion a year. However, Twitter frequently suffers losses, and its cash flow is weak. Cutting expenses might make the business more profitable for Musk.
Musk already disclosed his intention to reduce Twitter’s workforce. Last month, The Washington Post revealed that Musk informed potential investors he intended to fire about 75% of Twitter’s employees, despite the fact that he eventually changed his mind.
Twitter and Elon Musk have yet to make a comment on the issue.