Elon Musk is someone who just loves to be in the news all the time. His business plans, personal life, weird tweets as well as controversial opinions often create headlines. In recent times, the Tesla CEO was the talk of the town because of his business deal with Twitter.
Now, there are reports that suggest the 51-year-old businessman is planning to lay off more than 7,000 Twitter employees in the coming months, no matter who owns the company. Let’s find out how and why exactly he is planning to take such a big step forward.
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Elon Musk To Lay Off 75% Of Twitter Employees
Musk’s messy legal battle with the social media giant Twitter has been going on for quite some time now. Recently it was reported that the SpaceX founder has agreed to Twitter’s demands ahead of the trial.
Now, the South African billionaire has told prospective investors that he planned to get rid of nearly 75% of the social media company’s 7,500 workers, according to The Washington Post.
“Twitter’s current management planned to pare the company’s payroll by about $800 million by the end of next year, a number that would mean the departure of nearly a quarter of the workforce,” the report said.
The job cut will happen in the coming month no matter who the owner is. Several documents showed extensive plans to fire staff and cut down on infrastructure costs were already in place before Elon offered to buy the company.
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Musk Has Been Under Federal Investigation
Amid his legal battle with Twitter, Musk has been under federal investigation. During the Delaware court proceedings earlier this month, Twitter had asked to see the communications between him and the federal agents.
The investigation was in relation to Musk’s conduct in connection with the acquisition of Twitter. Twitter has been wanting these documents hoping that they have key issues in regard to the case.
Though there has been no response despite multiple requests from the social media giant. Musks’ legal team issued a privilege log of papers to be withheld in discovery, which included emails and presentations.
Musk had earlier backed out of the deal citing issues with the information surrounding bot accounts and misinformation.
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