Currently around 7,500 people work on Twitter and 75% of them can expect to have the door opened. The Washington Post relationships. Elon Musk, who is acquiring the company, told potential investors that he plans drastic layoffs to cut costs.
Musk has a deadline to complete the Twitter purchase by October 28th. In a sign that the deal is in the works, Twitter froze employee stock awards, Bloomberg reported. Anonymous sources say The after that the matter is conducted in good faith.
However, job cuts were expected. Prior to Musk’s offer, Twitter management expected to cut nearly a quarter of the workforce by cutting $ 800 million from payroll. Musk’s planned cuts, which are greater, are “unimaginable,” said the former head of spam and health metrics at Twitter. The after. Users will likely notice this immediately, as Twitter is susceptible to multiple hacks, for example. Musk plans to implement stack ranking, the practice ended at Microsoft in 2013 because it contributed to a bad culture, downsizing.
Musk said he was “clearly paying too much” for Twitter and a general partner of one of the companies involved in the deal said. Business intern that “We’re all trying to get by, to be honest. The plan is to double the revenue in three years, The after Musk tells investors this, without explaining how it will turn out.
Many big names in private equity have passed the deal: T. Rowe Price, TPG and Warburg Pincus. PayPal mobster Reid Hoffman, who later founded LinkedIn, did not invest, even though he met Musk with Microsoft CEO Satya Nadella. Founders Fund, the iconic venture capital firm of PayPal mobster Peter Thiel, is also dead. The after relationships.
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