More on Twitter job cuts rumors: According to Bloomberg, new owner Elon Musk will cut headcount by 50% to cut costs, citing people familiar with the matter. According to the report, employees will start receiving information on Friday.
According to Bloomberg, Musk plans to reverse Twitter’s current “work from anywhere” policy and require employees to work from offices, with the possibility of some exceptions.
The social media company employs approximately 7,500 people worldwide, so halving headcount would result in the loss of approximately 3,750 jobs.
While issuing a blanket mandate to return to work could be a strategy for Musk to speed up the staff purge by encouraging employees to leave voluntarily if they don’t like the new terms,
We reached out to Twitter for comment on Bloomberg’s report, but it had not responded at the time of writing.
Several employees had already left Twitter prior to Musk’s takeover, preferring to leave now rather than wait for the inevitable drama/workplace hell.
Musk also reportedly fired a slew of top executives upon taking over the company, including former CEO Parag Agrawal, CFO Ned Segal, General Counsel Sean Edgett, and Head of Legal Policy, Trust, and Safety Vijaya Gadde — bringing in a coterie of advisors and Tesla employees to help him decide how to restructure Twitter.
The billionaire has not yet stated how he intends to reshape the company, but he is under pressure to cut costs given the amount of debt he has incurred by acquiring Twitter.
In recent days, he has also lashed out at Twitter’s core customers (advertisers), following reports that some are leaving the platform due to brand safety concerns associated with his particular brand of ‘free speech’ — a self-defeating dynamic that appears set to worsen Musk’s financial situation.
Bloomberg’s report of impending 50% job cuts comes on the heels of a Washington Post article published at the end of last month that claimed Musk planned to lay off 25% of his workforce.
Earlier this month, the Post reported that Musk planned to lay off 75% of Twitter employees, which Musk denied, according to a Bloomberg report citing “people familiar with the matter.”
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While Musk does not appear to have commented publicly on any of these headcount downsizing rumors, he did tweet late last month to deny a New York Times report that suggested Twitter layoffs would occur before November 1 in order to avoid scheduled stock grant payouts — calling that report “false.”
Instead, Musk was tweeting cryptically about Twitter’s potential for “improvement” in the early hours of this morning.
