New Twitter owner and CEO Elon Musk is reportedly planning to fire half of the company’s employees at the end of the week — just seven days after taking control of the company.
The same report claims that Twitter will also be ditching its remote work offering, with Musk set to tell employees that employees will need to go into offices instead.
Bloomberg reports that Musk has decided to eliminate as many as 3,700 jobs at the social network as he works to reduce the amount of money the company spends. Musk had been rumored to want to fire as many as 75% of the workforce when his $44 billion takeover was completed, although that now seems to have been an inaccurate number.
Citing people with knowledge of the matter, Bloomberg says that “Musk and a team of advisers have been weighing a range of scenarios for job cuts and other policy changes,” although things could still change. Two sources reportedly told the outlet that those fired will receive 60 days’ worth of severance.
It’s also reported that Twitter Chief Accounting Officer Robert Kaiden left the company shortly after the layoffs were finalized.
Those who remain at Twitter will reportedly be told they can no longer work remotely as part of their role, meaning they will be forced to work from their local Twitter office. However, “some exceptions could be made,” sources reportedly told Bloomberg.
Musk’s takeover of Twitter has caused plenty of headlines since its completion last week. Rumors of a proposed $20 monthly fee for people to be verified on the social network seem to have been wide of the mark, although a Twitter Blue price hike to $8 per month will reportedly include verification.
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