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Bloomberg reports that the new Twitter owner, Elon Musk, plans to fire 50% of Twitter's workforce, or approximately 3,700 employees. Cost-cutting is the main reason for the layoffs, and the employees have yet to be notified.
In addition to that, those remaining employees will be required to work from the office full-time, which is a reversal of the work-from-anywhere policy introduced in the early days of the COVID-19 pandemic and which was reversed in the aftermath.
Bloomberg reported that Elon Musk and senior executives have been discussing scenarios for how to handle the layoffs, including giving terminated workers 60 days' severance pay.
It is believed that Elon Musk was forced to acquire Twitter at a price negotiated in April, which was $54.20 per share, or approximately $44 billion. As stated by the South African, he overpaid for the business and is seeking ways to generate profit. Twitter frequently reports quarterly losses and has not generated a profit for eight of the last ten years.
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