Elon Musk plans to lay off about 3,700 staffers — half of Twitter’s workforce — in an effort to lower costs and reduce his debt from “overpaying” for the social media platform, a report said Wednesday.
Musk, who purchased Twitter for $44 billion, has decided to inform half of the company’s staff that their last day on the job is Friday, according to Bloomberg.
The billionaire has already fired a number of top-level staffers including Chief Executive Officer Parag Agrawal, whose job he took over — promptly naming himself “Chief Twit.”
Over the weekend, he continued the layoffs while directors were asked to make lists of protentional employees to put on the chopping block, the report said.
The plans aren’t finalized and are still subject to change, sources told the outlet. One option being considered is a two-month severance pay to employees who get canned.
A person familiar with the cuts told the outlet that senior personnel on the product teams were ordered to meet a 50% reduction in headcount.
Staffers were added or spared from the layoff lists based on their contributions to Twitter’s code during their time at the social media platform, the sources said.
Musk brought in managers and engineers from Tesla to review the layoff lists.
Rumors of major layoffs have been swirling among Twitter staffers ever since Musk announced he was planning to purchase the social media company months ago.
The “Twitter Complaint Hotline Operator,” as Musk has now dubbed himself, will also announce a return-to-office policy for the remaining staffers at the company’s San Francisco headquarters — a reversal of Twitter’s current policy that allows staffers to work from anywhere, the sources said.
Earlier on Wednesday Musk clapped back at verified Twitter users of the platform who complained about an $8-per-month service charge.
Musk’s decision to overhaul Twitter’s verification process with a subscription-based model has rankled many prominent figures this week, with famed author Stephen King among those who say they will not pay the fee.
“To all complainers, please continue complaining, but it will cost $8,” Musk said in a tweet posted late Tuesday night.
“Totally stole idea of charging for insults & arguments from Monty Python tbh,” Musk added alongside a clip of the comedy troupe.
The $8 monthly price tag is cheaper than the $20-per-month fee that Musk initially planned to charge, according to multiple reports.
Musk has reportedly given Twitter’s developers until the end of the week to complete his overhaul of the “Twitter Blue” subscription service – with employees potentially facing the ax if they are unable to meet the deadline.