Sunday, February 5, 2023

Latest Posts

Elon Musk planning to fire 75 per cent of Twitter employees: Report

New Delhi: World’s richest man and Tesla CEO, Elon Musk is reportedly planning to lay off most of the Twitter’s workforce. This will be done once Musk signs his $44 billion deal to buy the social network giant.

Musk planning to lay off 75% employees

According to Variety, Musk told potential Twitter investors that he planned to fire around 75% of the 7,500 workers at the social media business. The Washington Post was the first to publish the specific details.

Also Read: GOLD PRICE UPDATE: Gold tumbles on Diwali; Golden time to invest in Gold; Also know sovereign gold bonds

Overpaying for Twitter says Musk

Musk claimed he was overpaying for Twitter on Wednesday’s third-quarter 2022 earnings call for Tesla.

After three months of attempting to back out of the transaction, he decided earlier this month to move forward with his initial USD 54.20/share offer for Twitter.

“Although, obviously, myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value,” Musk said.

Also Read: DGCA lifts cap imposed on SpiceJet; now airline to operate at full capacity

‘Significant contributors should have nothing to worry about’

A Q&A session was organized with Twitter employees on June 16. During the session Musk said that there will be a “rationalization of headcount.” Assuring the dedicated workers he further said, “Anyone who is a significant contributor should have nothing to worry about.”

That was before Musk attempted to back out of the deal in early July, at which point the business sued him in an effort to enforce the merger agreement’s conditions. Musk appears to have changed his mind after recognizing that he would probably lose his legal battle with Twitter on the arrangement.

A judge presiding over the case had postponed the Twitter agreement legal proceedings until October 28.

Read More :- Latest Business News

Latest Posts

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -