In an effort to reduce his debt from “overpaying” for Twitter, Elon Musk plans to lay off approximately 3,700 staffers – half of the social media platform’s workforce, a report said.
Musk, who purchased Twitter for $44 billion, has decided to layoff half the company by Friday, said Bloomberg.
The billionaire has already fired a number of top-level staffers including Chief Executive Officer Parag Agrawal, whose job he took over — promptly naming himself “Chief Twit.”
The report said that, over the weekend, he continued the layoffs while directors were asked to make lists of protentional employees to put on the chopping block.
According to sources who spoke to the outlet, the plans are still subject to change. One option being considered is granting employees two months’ severance pay if they are let go.
According to someone who knew the situation, people in charge of product teams were told to reduce their staff by 50%.
The sources said that staffers were either added to or spared from the layoff lists based on how much they contributed to Twitter’s codebase during their time at the company.
Musk had managers and engineers from Tesla review the layoff lists.
There have been many rumors of layoffs at Twitter since Musk announced his plans to purchase the company several months ago.
The “Twitter Complaint Hotline Operator,” as Musk has now dubbed himself, will soon announce a return-to-office policy for the skeletal crew of staffers left at the company’s San Francisco headquarters — effectively reversing Twitter’s current policy that allows its workers to labor from the confines of their own homes, the sources said.
On Wednesday, Musk retorted to verified Twitter users who voiced their distaste for an $ 8-per-month service charge.
Prominent figures such as famed author Stephen King have expressed irritation this week with Musk’s decision to shift Twitter’s verification process to a subscription-based model.
“To all complainers, please continue complaining, but it will cost $8,” Musk tweeted.
“Totally stole idea of charging for insults & arguments from Monty Python tbh,” Musk tweeted a clip of the comedy troupe alongside his commentary.
According to multiple reports, the $8 monthly price tag is cheaper than the $20-per-month fee that Musk initially planned to charge.
Musk has given Twitter’s developers a week to finish his redesign of the “Twitter Blue” subscription service. If they can’t meet the deadline, employees may be fired.
