The world’s richest man, Elon Musk, is reportedly planning to sack thousands of workers in his newly acquired social media company, Twitter, IgbereTV reports
According to multiple media reports, the billionaire will retrench half of Twitter’s workforce on Friday, November 4, 2022, in a move to cut expenses ahead of a US projected economic recession.
Twitter has about 7,500 global workers, and 3,750 staff will start receiving their sack letter from Friday, weeks after reports that Musk will cut workforce by 75 per cent.
Although Musk had previously denied planning to sack workers, after initial report said the retrenchment will commence before November 1.
Already, the Tesla majority investor has booted out senior executives of the company, which includes Chief Executive Officer, Parag Agrawal, as well as the Chief Finance officer and Head of legal.
Musk, who acquired Twitter for $44 billion, had also relieved the board members of the social networking site, to become the sole director.
Recall that Musk had tried opting out of the deal to acquire Twitter, citing breach of contract by the board of the firm, accusing the company of misleading the public on the percentage of bot accounts on its platform.
Agrawal and the previous management denied Musk’s claim, insisting that the spam accounts are less than five per cents.
The billionaire was dragged to court for trying to terminate the deal. Musk eventually gave in to avoid trial, and the court ordered that he must acquire Twitter by October 28, 2022.
Since he took over, he has been busy making changes to the work and content policy of Twitter. Musk has also cancelled employees’ future special work rest day, which staff are paid for once in a month
