Elon Musk is a headline darling since he is frequently in the news for his comments and actions. After months of messy legal battle, the Tesla CEO finalized the $44 billion deal to buy Twitter. Since then, his changes have met with all kinds of reactions from people.
His plan to charge $8 a month for verification as well as allow banned users have been criticized. Now recent reports suggest that the social media giant is going to make massive layoffs. Let’s find out more about it and examine if the company is going to suffer because of Musk.
Is Twitter Going To Suffer Heavy Loss Because Of Elon Musk?
A lot has happened ever since Musk’s acquisition of Twitter took place. The South African billionaire fired several top executives including the CEO and CFO. He has also introduced a plan to charge people for verification, which has been criticized by many.
Now, the company is going to lay off a lot of its employees. Not all is good with the micro-blogging site as sweeping changes by Musk might affect it in the long run.
A lot of people, including several high-profile celebrities quit the platform right after Musk took over. Now, mass layoffs combined with unusual policy changes might further alienate the company from users and therefore investors.
Only time will tell if the SpaceX founder’s acquisition proved to be a good idea or not. One thing is for sure, someone like Musk will keep Twitter in the limelight as long as he is associated with it.
Read More: Who Is Elon Musk’s Father? What Is His Net Worth?
Reason Behind The Mass Layoff
In a major cost-cutting move, Twitter has informed its employees that there will be a huge layoff on Friday, November 4. They will be notified by email about whether they will continue to have a job at the company.
According to a Variety report, it’s not clear what the number of employees who will be fired is. Musk had earlier stated that he plans to let go of 50% workforce (around 3,700 of 7,500 employees).
At a summer meeting, Musk said there is a need for “a rationalization of headcount”. When asked about “the one thing that’s most messed-up at Twitter right now,” Musk once said, “there seem to be 10 people ‘managing’ for every one person coding”.
