According to multiple media reports, Elon Musk plans to cut the workforce at Twitter (TWTR) by
75% after he gains control of the social media platform.
The Washington Post newspaper was the first to report that Musk, the world’s richest person
with an estimated net worth of $220 billion U.S., plans to dramatically reduce the number of staff
at Twitter shortly after his purchase of the company is finalized in coming weeks.
Musk’s $44 billion U.S. acquisition of Twitter is scheduled to close on October 28.
Currently, Twitter employs about 7,500 people. According to the media reports, Musk plans to
bring the company’s total workforce down to just over 2,000 people once he is in control.
Musk has said publicly that he plans to shrink staff at Twitter but had not previously indicated by
how much.
Musk, who is also the chief executive of electric vehicle maker Tesla (TSLA) has been engaged
in a protracted battle with Twitter over his agreement to purchase the company for $54.20 U.S.
per share.
After the acquisition landed in court, Musk agreed to follow through with the purchase after
initially cancelling the deal in July of this year.
Musk has said he plans to take Twitter private after he acquires the social media giant.
Twitter stock is up 23% this year and trading at $52.44 U.S. per share.
