Twitter’s new owner Elon Musk plans to lay off about half of the social media company’s employees in an effort to cut costs, Bloomberg reported on Wednesday, citing sources.
According to the report, the cuts will affect about 3,700 of Twitter's 7,500 staff. Employees being let go will reportedly be informed of the decision this Friday. Those who remain will be asked to stop working remotely and return to the office, although some exceptions are planned to be made. The measures are reportedly aimed at reducing company costs.
While options for the job cuts are reportedly still being discussed, one of the scenarios entails those let go being offered 60 days’ severance pay.
After his acquisition of the social media platform on October 27 for a staggering $44 billion, Musk already fired much of Twitter’s executive team, including CEO Parag Agrawal, finance chief Ned Segal and senior legal staffers Vijaya Gadde and Sean Edgett, among others.
The lists for job cuts were reportedly compiled based on workers’ contributions to Twitter’s code during their employment. Musk recently said he plans to focus on Twitter’s core product.
“Software engineering, server operations & design will rule the roost,” he tweeted last month.
He also said he plans to change the way Twitter operates in order to generate more revenue. Earlier this week, he announced that the platform would soon start charging for user verification.
For more stories on economy & finance visit RT's business section