JAKARTA - Billionaire Elon Musk told potential investors in his deal to buy Twitter Inc, that he plans to get rid of nearly 75% of the 7,500 workers at the social media company. This was reported by the Washington Post on Thursday, October 20.
According to WP, the layoff report on Twitter is expected to continue in the coming months, no matter who the owner of the company is.
This was triggered by an economic and recession crisis that made the number of advertising revenues of social media companies drastically decrease.
Twitter management currently plans to cut the company's salary spending by around $ 800 million by the end of next year. This means the salary of nearly a quarter of the company's workforce.
Human resource staff on Twitter have also notified employees that they are not planning mass layoffs, but documents show extensive plans to issue staff and reduce infrastructure costs were already there before Musk offered to buy the company.
Twitter did not immediately respond to a request for comment from Reuters on the report.
Musk previously tried to leave a deal to buy Twitter in May accusing the company of downplaying the number of bot and spam accounts on social media platforms, which began a series of lawsuits between the two sides.
Earlier this month, Musk reversed course and said he would continue the deal with the original terms.
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