Elon Musk laying off Twitter employees as a measure towards cost-cutting

Elon Musk laying off Twitter employees as a measure towards cost-cutting

According to Bloomberg, the new owner of Twitter, Elon Musk, intends to terminate 3,700 employees, or 50% of the company’s staff. The employees have not yet been notified that cost cutting is the main cause for the layoffs.

The work-from-anywhere policy that was implemented in the early stages of the COVID-19 epidemic will also be reserved, and the remaining personnel will be required to work solely from the office.

Various options for how the layoffs should occur have been discussed with Elon Musk by senior executives and advisers and one suggestion is for fired employees to get 60 days’ worth of severance pay, sources told Bloomberg.

Elon Musk was compelled to purchase Twitter at the $54.20 per share, or nearly $44 billion, price agreed upon in April. The South African said that he overpaid for the company and that he is now searching for methods to turn a profit. Twitter often posts quarterly losses and has not generated profit in eight of the last 10 years, according to the South African.