Elon Musk is firing half of Twitter’s employees on Friday according to Bloomberg. The information available to Ghana Education News is that the new owner of Twitter is also bringing to an end all remote work which means job cuts for those who work from Twitter.
Staff who are not laid off will be required to show up at their offices as full-time employees to carry out their duties.
By deploying this strategy, Elon Musk will cut off close to 3,700 jobs at Twitter. This number represents nearly 50% of the company’s staff according to reports sighted on Bloomberg News.
The push to slash costs comes about a week after the Tesla CEO took control of the social media company following the completion of his $44 billion purchase of Twitter.
Right after taking over ownership of Twitter, Mr. Musk 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.
Away from the firing of half of Twitter employees on Friday, Elon Musk since taking over Twitter has proven that, when a new king takes over leadership, he comes with new laws. This has been exhibited in his resolve to charge $8.00 per month which translates into $96/Year for a Twitter Verification or Blue thick which has got Twitter talking.
READ: Elon Musk of Twitter is the true representation of “New King, New Law
Elon Musk is firing half of @twitter employees on Friday according to @Bloomberg. He’s also ending all remote work and requiring remaining employees to show up at their offices.
— Clay Travis (@ClayTravis) November 3, 2022
Many are worried the move will only prevent free speech from attaining its full meaning on Twitter.
The data available suggests that Mr. Musk had paid $20 billion more to take over Twitter according to Wedbush analyst Dan Ives. In an interview with CBS MoneyWatch Dan Ives did say the overpayment will compel the new owner to cut jobs by between 30% to 50%.
In the last quarter just ended, Twitter lost $270 million and revenues from advertisements also went down.
“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.