Twitter’s beleaguered employees are preparing for bad news, with multiple reports that new owner Elon Musk will lay off half of the workforce. This would be a fresh blow to Twitter’s demoralized workforce.
After Musk disbanded the company’s board of directors, fired senior executives, and drove executives from the platform, Twitter has already been rocked.
Now, two media outlets have reported that Elon Musk might reduce the 7,500 employees by half.
Job cuts Musk reportedly told investors shortly before closing the deal that he planned to fire 75% of Twitter’s 7,500 employees, which would bring the company’s workforce down to just over 2,000 if true.
However, when Musk visited Twitter headquarters on Wednesday of last week, he informed employees that he does not intend to lay off 75% of employees when he takes over.
Despite the fact that they are aware that job cuts are coming, that statement did little to reassure demoralized employees at the company.
The Washington Post then reported on Monday of this week that Musk intends to lay off approximately one quarter of Twitter’s employees in a first round of layoffs, putting the total number of employees affected at nearly 2,000.
However, according to people with knowledge of the situation, Musk plans to cut costs following his $44 billion acquisition of Twitter by eliminating between 3,700 and 3,800 jobs at the social media company, or half of its workforce.
The individuals, who requested anonymity to discuss non-public plans, stated that Musk intends to notify employees losing their jobs on Friday.
Musk also plans to end the company’s current work-from-anywhere policy, which was implemented in May 2020, forever.
According to the individuals, he will require the remaining employees to report to offices, though some exceptions may be made.
This is not a rash decision.
Musk, for instance, instructed Tesla employees to resign or return to office work in June of this year.
According to reports, Twitter employees who lose their jobs may receive severance pay for up to 60 days.
Concern from advertisers After a week under Elon Musk’s control, Twitter is undergoing rapid change.
Despite opposition, Twitter Blue will now cost $8 per month, and the editing feature may be available to everyone as soon as this week.
Additionally, it is rumored that Musk is still exerting pressure on Twitter employees to redesign the subscription and verification systems within a week.
It was reported on Tuesday that Twitter managers had instructed employees to work 12-hour shifts seven days a week to meet Musk’s stringent deadlines and risk losing their jobs.
Advertising concerns over Musk’s “free speech” approach to such decisions have led him to reportedly establish a “content moderation council.”
Advertising powerhouse Interpublic Group (IG) is reportedly recommending that clients of its IPG Media Brands agencies cease all paid Twitter advertising for at least a week. As a result, major brand names have reportedly been urged to halt spending on Twitter advertising.
