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Twitter employees are leaving at rates not seen before as a result of Tesla and Space X CEO Elon Musk's takeover, Business Insider reports.
Several hundred employees have left the media giant in 2022, with 530 leaving in the last three months. Many have left to competitors such as Meta and Google, the outlet reports
This may not be bad news for Musk, however, as the multibillionaire reportedly has intentions of cutting staff by up to 75 percent, according to a report. Musk is set to close the deal on Friday.
Musk offered to buy Twitter in April but then sought to end the acquisition a few months later, which resulted in a legal battle between him and the company.
Earlier this month, Musk announced he would go through with the original offer.
The Delaware Court of Chancery has given Musk until Oct. 28 to close the deal, otherwise, the matter will go to trial in November.
According to Fox News, on Tesla’s earnings call last week, Musk said he was "excited about the Twitter situation."
"I think it’s an asset that has sort of languished for a long time but has incredible potential," he added. "Although obviously myself and the other investors are obviously overpaying for it right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value."
Several hundred employees have left the media giant in 2022, with 530 leaving in the last three months. Many have left to competitors such as Meta and Google, the outlet reports
This may not be bad news for Musk, however, as the multibillionaire reportedly has intentions of cutting staff by up to 75 percent, according to a report. Musk is set to close the deal on Friday.
Musk offered to buy Twitter in April but then sought to end the acquisition a few months later, which resulted in a legal battle between him and the company.
Earlier this month, Musk announced he would go through with the original offer.
The Delaware Court of Chancery has given Musk until Oct. 28 to close the deal, otherwise, the matter will go to trial in November.
According to Fox News, on Tesla’s earnings call last week, Musk said he was "excited about the Twitter situation."
"I think it’s an asset that has sort of languished for a long time but has incredible potential," he added. "Although obviously myself and the other investors are obviously overpaying for it right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value."
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