The massive layoffs that Twitter employees have been preparing for since Elon Musk began his takeover may be on the horizon. According Bloomberg, the new owner of the website and “Chief Twit” plans to cut 3,700 employees from the company’s workforce, which would halve its workforce, in a bid to cut costs. Musk and a team of advisers are reportedly still finalizing the terms of the layoffs, but one option they are considering is to offer people they have laid off 60 days of severance pay. The executive could announce the news to affected staff members as early as Friday.
Those who keep their jobs may have to get used to working from the office again. Bloomberg Musk also plans to end Twitter’s work-from-anywhere policy and require employees to report to offices, with some exceptions. The publication previously reported that Twitter employees had been concerned about changes Musk might make regarding this particular policy even before he took over. It’s no secret that the executive is not a fan of work-from-home arrangements and had previously given Tesla and SpaceX employees an ultimatum, demanding they spend 40 hours in the office or leave the company. .
Before Musk’s takeover of the social network began, reports surfaced that he was to lay off 75% of the company’s staff. He reportedly denied those numbers during his visit to Twitter’s San Francisco headquarters, but it was pretty clear that layoffs were still planned. After signing the deal to buy Twitter, Musk’s first decision was to fire former CEO Parag Agrawal, CFO Ned Segal and other top executives.
More director and vice president jobs were cut over the weekend, while some remaining Twitter employees in leadership roles were asked to write lists of staff members who can be cut. Those layoff lists were reportedly ranked by each individual’s contribution to Twitter’s code, and Musk enlisted the help of Tesla executives and engineers to assess them.
Along with ordering a massive layoff to save money, Musk is also implementing huge money-saving changes, like raising the price of Twitter Blue to $8 a month from $3 a month. . Bloomberg says the new price could go live as early as Monday next week. Subscription will also be a requirement for blue verification badges in the future, although already verified users will have months to start paying before losing their check.
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