Billionaire Elon Musk‘s much-publicized purchase of Twitter has a new twist, which will not go down well with the company’s employees.
It turns out that Musk has told investors that among his plans is to lay off 75% of the social network’s workers, which translates to about 5,500 employees.
With this, Musk plans to have a workforce of only a little more than 2,000 employees. This was reported by the Washington Post.
Musk thinks he is paying too much for Twitter
Just a few weeks ago, Musk commented that he was standing by his offer to pay $54.20 for each share of the social network, despite three months of trying to break the deal and abort the transaction.
“While I and the other investors are obviously overpaying for Twitter right now, the long-term potential of Twitter, in my opinion, is an order of magnitude greater than its current value,” Musk said.
As reported by the Post, Twitter’s board planned to cut payroll by 800 million by the end of next year, representing a 25% reduction in its workforce. But the latest 75% report has the social network’s workers worried.
In June, Musk had said that it was necessary to “rationalize the number of employees” and that “anyone who is a significant contributor should have nothing to worry about.”
Although he said that before he tried to cancel the deal.
He resumed the buyout for fear of losing a legal battle
In July, Musk was sued by Twitter, which forced him to abide by the terms of the merger agreement. A Delaware judge granted Musk’s motion to stop the lawsuit until Oct. 28, to give him time to secure the debt financing he needs to close the deal.
Twitter’s lawyers have accused Musk of having buyer’s remorse and claimed he wanted to renege on the deal after Tesla’s stock price fell.
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