Elon Musk to cut up to half of Twitter's workforce, revoke work from home: Report
Elon Musk
The developments surrounding billionaire Elon Musk’s $44 million takeover of Twitter continue to dominate headlines as reports suggest that the company’s workforce can get halved in the coming days. The Verge and Bloomberg both reported that Musk is planning to cut around 3800 jobs (more than half of the 7500-strong workforce) in what is being considered as a major restructuring project. It is also reported that the firm revoke work from home.
Also read |Twitter takeover LIVE updates | Elon Musk to enable edit option for all Twitter users by this week
Withindays of completing the takeover, Musk fired a number of top executives from the company including CEO Parag Agarwal and CFO Ned Segal. When it came to the board of directors, there were also several top-level departures as Musk assumed the role of CEO for the initial period of transition.
Top Twitter investor backs move
A top investor — Changpeng Zhao, the chief executive and founder of Binance — has come out in support of the move as he said that a “slimmer workforce” can work wonders for the company.
During his annual Web Summit in Lisbon, Portugal, Zhao said that Musk has addressed key issues like fake accounts and freedom of speech since taking over the company. Binance has invested $500 million in the company and Zhao said that they will continue the “upcoming changes”.
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WATCH |Report: Twitter's new owner Elon Musk plans to cut 3,700 jobs
“I do feel that Twitter, given the 7,500 people they have, the number of new features that have been rolled out is quite slow,” said Zhao. “I trust him by reputation for sure. He’s a strong entrepreneur”.
Musk has already made his intentions clear when it comes to charging users for using Twitter Blue and the billionaire also announced that several of the users will be able to use the “Edit” option.