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Tesla and SpaceX CEO Elon Musk reportedly told investors this week that he plans to cut Twitter’s workforce by almost 75 percent should his deal to buy the social media platform close.
According to the Washington Post, Musk said he planned to reduce Twitter’s staff from approximately 7,500 to around 2,000 employees, a nearly 75 percent decrease.
The billionaire 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 deal.
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 Wednesday, 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."
The Washington Post also reported that Twitter officials have already planned to make the cuts in the event the Musk acquisition doesn’t close and planned a roughly $800 million cut in payroll by the end of 2023.
According to the Washington Post, Musk said he planned to reduce Twitter’s staff from approximately 7,500 to around 2,000 employees, a nearly 75 percent decrease.
The billionaire 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 deal.
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 Wednesday, 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."
The Washington Post also reported that Twitter officials have already planned to make the cuts in the event the Musk acquisition doesn’t close and planned a roughly $800 million cut in payroll by the end of 2023.
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