Musk plans to cut Twitter headcount by 75%
reports that Musk told potential investors in his Twitter acquisition plan that when he completes the Twitter acquisition plan on October 28, the number of Twitter employees will be drastically reduced from the current 7,500 to more than 2,000.
The high-profile Twitter acquisition deal has been ordered by a US judge to be finalized by October 28. The US judge gave Musk an ironclad completion date for the deal, which is to eliminate the huge deal of 44 billion US dollars (about S $62.77 billion). Further reading Bloomberg: Biden administration considers security review of Musk investment project
Musk, who is also the CEO of electric vehicle giant Tesla (Tesla), has only just admitted at Tesla's quarterly earnings conference on Wednesday (October 19) that he bought Twitter at an exorbitant price, but he is still about to buy Twitter. Excited.
At the time, Musk also described Twitter as an asset that had been "haggard" for a long time. He said: "It is clear that I and other investors are buying Twitter at an exorbitant price right now. But in my opinion, the long-term potential of Twitter is much higher than its current value."
Twitter shares rose $0.61 or 1.18% overnight to close at $52.44. But after news of the layoffs spread, the stock fell $0.16 or 0.31% after hours to $52.28.