Twitter staffers are in a state of panic after news that billionaire Elon Musk is planning to cut the company by a whooping 75% surfaced yesterday.
From The New York Post:
Elon Musk told prospective investors in his deal to buy Twitter that he planned to get rid of nearly 75% of the social media company’s 7,500 workers, the Washington Post reported on Thursday, citing interviews and certain documents.
The job cuts are expected in the coming months, no matter who owns the company, according to the report.
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.
Critics of the social media tech platform are applauding this announcement, claiming the company has been “unprofitable by petty, overpaid nerds with a god complex and bots used for propaganda.”
“Time to drain the Big Tech Swamp,” wrote congressman Troy Nehls.
According to the original report from The Washington Post, HR staff is trying to assure employees that mass layoffs will likely not happen. Even though Twitter documents show extensive plans to push out staff and cut down on infrastructure costs.
Notably, these plans were already in place before Musk offered to buy the company.
From The Daily Mail:
Now, a number of employees are expressing their fears they may be one of the more than 5,000 workers laid off from the company when Musk, 51, takes over.
Gene Ross, a staff designer for the social media giant, took to the site Thursday night to ask if anyone is “looking for a below average generalist,” while Patrick Czapla, a product manager, asked if they will “all go off and start New Twitter together.”
Parker Lyons, a senior financial analyst at Twitter, also tweeted a series of memes upon hearing the news, including a tweet reading, “When you realize you are the 75%’ with a clip of Magic Johnson shaking his head and saying ‘I’m not gonna be here.”
He also tweeted a picture of NBA star Russell Westbrook earning 136 points, 112 rebounds and 118 assists in a single game, captioned: “The remaining 1,900 employees.”
Elon Musk’s saga of taking over Twitter has been a long journey. Earlier this year, the billionaire walked away from his initial deal with Twitter citing the number of bot and spam accounts on the social media platform for his reasoning.
At the beginning of this month, Musk reversed course.