The push to slash costs comes about a week after the Tesla CEO took control of the social media company following completion of his $44 billion purchase of Twitter. Musk immediately fired Twitter CEO Parag Agrawal, the company's chief financial officer and top lawyer, while other members of the company's leadership team have also left.
Twitter didn't immediately respond to a request for comment about the reported job cuts.
Musk overpaid for Twitter by about $20 billion, according to Wedbush analyst Dan Ives, who told CBS MoneyWatch that he believed that would force the billionaire to cut between 30% to 50% of the company's employees. In its most recent quarter, Twitter lost $270 million and its revenue slipped as advertising growth slowed.
"By overpaying for Twitter by roughly $20 billion, there is a lot of wood to chop for Musk to try to make back his money for himself as well as his investors," Ives said.
Twitter will announce the job cuts to employees on Friday, Bloomberg reported. The news service also said Musk plans to reverse the company's current policy of allowing them to work from the location of their choice, noting that most employees will be asked to report to offices.
Reader Comments
Same poop deck, different stool. 💩
What I find staggering, is there are 'employees'; to be fired
Puerile app... have lived without it for so long; doubt a change in ownership will entice me to return.
Too much social media not too little
All those jobs lost because thy can't compete with a computer algorithmic/animation, or projection of the future.
Is this just and AI takeover Man V Machine technology
Or are we at the point in evolution where machines have more value than a human life.
Dude, I don't know why mommy and daddy are always saying life is so hard. Look at me! I got this great job at Twitter. I got my own cubicle and keyboard. I spend my whole day playing video games and tweeting my bros! Who is this Elon dude? I don't like him so I am going to cancel him. Lets see how he likes that! Let me just log in here and we'll get him cancelled real quick. Hey, my password didn't work. I must have typed it wrong, I'll try again. It still doesn't work. Hey is that Joe from security? He usually hangs out by the front door. What's he doing up here? Maybe he knows why the computer is not working? Het Joe! Dude, over here. Why is he handing out pretty pieces of pink paper? Hey why isn't..........Dude, get your hands off me! Let me go! What are you doing? DON'T TASE ME BRO, DON'T TASE ME!