Elon Musk has told prospective investors that he plans to axe nearly 75 per cent of Twitter’s staff, as the billionaire continues to push forward with a takeover deal.
According to reports from the Washington Post, jobs were already on the social media firm’s radar — even if the Tesla chief isn’t successful with his $44bn offer.
It reported that whilst human resources staff have reassured employees that mass layoffs were not coming any time soon, documents showed that plans to axe certain infrastructure costs and staff costs were already in motion before Musk first made an offer to buy Twitter in April for $54.20 per share.
It is understood that Musk wants to push this further, cutting Twitter’s 7,500 employees down to a “skeleton staff” of around 2,000 people.
The company said in July that it had already “significantly slowed hiring” as momentum slows for the company and firms like Meta and Google also follow suit.
Musk and Twitter have been embroiled in a legal battle after the entrepreneur said he wanted to back out of his plans to takeover the company because of concerns surrounding bots, and fake acccounts.
Musk later u-turned on this and told his 107m followers that the purchase would be an “accelerant” towards building an everything app, or super app.
Earlier this month, a Delaware judge granted Musk’s request to put his legal proceedings on hold until the end of this month to allow time for the billionaire’s proposed $44bn buyout to be completed.
Kathaleen McCormick, the judge overseeing the case, stipulated that if the transaction had not closed by 5pm on 28 October, a trial date would be set for November.
Twitter and Musk were not immediately available to comment on these reports.
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