Twitter CEO Elon Musk reportedly plans to lay off half of Twitter’s staff, around 3,700 people, in a cost-cutting measure that will be announced Friday, Bloomberg reported Wednesday night, citing anonymous sources familiar with the matter.
In addition to announcing the layoffs Friday, Musk intends to end the company’s flexible work-from-anywhere policy with some exceptions, according to sources who were not authorized to speak publicly on internal plans, Bloomberg reported. (RELATED: Elon Musk Is Trying To Snip Twitter Execs’ Severance Packages)
The report follows weeks of speculation surrounding job cuts at the social media platform following a mass-firing of high-level executives, with Musk denying an initial report of a 75% cut and a subsequent report of a 50% cut that was allegedly intended to avoid paying out a significant employee compensation package on Nov. 1.
Some employees, in director and vice president roles, were already cut over the weekend, and senior personnel were asked to rank individuals’ contributions to Twitter’s code, anonymous sources told Bloomberg. The ranking was made in collaboration with engineers and directors from electric car maker Tesla, of which Musk is co-founder and CEO, and informed layoff decisions..
Employees have been bracing for this for weeks. These numbers and this timing have changed over time. But it sounds like things are starting to solidify.
— Kurt Wagner (@KurtWagner8) November 3, 2022
Musk and his team at Twitter considered many options before reaching the decision, and the final number of cuts is still subject to change, Bloomberg reported. One potential scenario included 60 days of severance pay for affected workers, in contrast to Musk’s denial of severance to several former executives like former CEO Parag Agrawal and Legal, Policy and Trust head Vijaya Gadde.
Twitter did not immediately respond to the Daily Caller News Foundation’s request for comment.
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