Elon Musk rumoured to lay off 75 per cent of staff after taking over Twitter

Washington [United States]: Tesla CEO Elon Musk supposedly prepares to give up most of Twitter’s workforce as soon as his USD 44 billion deal for the social network goes through.
As per Variety, Musk educated potential capitalists in the Twitter offer that he planned to dismiss about 75 per cent of the social networks business’s 7,500 workers. The particular info was at first reported by the Washington Blog post. On Tesla’s third-quarter 2022 incomes phone call Wednesday, Musk stated he was paying too much for Twitter.
Earlier this month he had agreed to move forward with his original USD 54.20/ share deal for Twitter, after investing 3 months attempting to revoke the deal.
” Although, clearly, myself and the other capitalists are undoubtedly paying too much for Twitter right now, the long-lasting possibility for Twitter in my sight is an order of magnitude greater than its present value,” Musk said.
In a June 16 Q&A with Twitter workers, Musk claimed there needs to be a “rationalization of headcount,” and stated: “Anybody who is a considerable factor needs to have nothing to stress over.”
That was prior to Musk attempted to exit the sell very early July, whereupon the company sued him, seeking to enforce the terms of the merging contract. Musk obviously turned around training course after realizing he would likely shed his legal fight with Twitter over the arrangement.
The Twitter offer legal proceedings had actually been put on hold by a court supervising the dispute till October 28.

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