Tesla CEO, Elon Musk has revealed plans to cut about 3,700 jobs at Twitter Inc which is equally half of the company’s workforce in a bid to cut costs.
The richest billionaire Musk, who just acquired Twitter made the revelation on Wednesday according to Bloomberg News citing people familiar with the matter.
This week, the Tesla billionaire fired every member of the Twitter board in order to seize complete control of the social media platform.
He promptly fired the majority of the senior executives, including Parag Agrawal, the boss, and a number of other executives left as well.
After acknowledging he overpaid for the company, Mr. Musk, who calls himself “ Twitter Complaint Hotline Operator“ on his Twitter page, is scrambling to find methods to reduce expenses.
Celebrity lawyer Alex Spiro, a long-time Musk legal representative, led the conversations about the job cuts, according to the report.
Twitter had over 7,000 employees at the end of 2021, according to a regulatory filing and a quarter of the headcount amounts to nearly 2,000 employees.
Musk denied a New York Times report about laying off Twitter employees at a date earlier than Nov. 1 to avoid stock grants due on the day.
Twitter did not immediately respond to a Reuters request for comment.
Musk fired Twitter Chief Executive Parag Agrawal, Finance Chief Ned Segal and Legal Affairs and Policy Chief Vijaya Gadde on completion of a six-month $44 billion buyout saga of the social media platform on Thursday, sources told Reuters.
