As the October 28th deadline for Elon Musk?to complete the $44 billion Twitter deal draws close, every day is turning out to be eventful. Another turn of events has happened. After Twitter froze its employees¡¯ stock accounts in anticipation of deal completion and Elon Musk said that he was excited about the deal despite overpaying.
The Washington Post reported yesterday that Elon Musk told prospective investors in his?$44 billion deal to buy Twitter?that he planned to get rid of?nearly 75% of the company's 7,500 workers, citing interviews and documents.
Job cuts are expected in the coming months, no matter who owns the company, according to the report.
However, Twitter has denied this and clarified to staff that there are no plans for company-wide layoffs?since it signed a deal to be acquired by billionaire Elon Musk.
According to a source who viewed the email, as per a Reuters report, Twitter General Counsel Sean Edgett emailed employees on Thursday, saying the company does not plan layoffs.
As per the Washington Post, Twitter's current management planned to pare the company's payroll by about $800 million by the end of next year, a number that would mean the departure of nearly a quarter of the workforce.
Also Read:?Twitter?Facing Mass Exodus Of Employees Amid?Musk?Deal Deadlock
Human resources staff at Twitter reportedly told employees that they were not planning for mass layoffs. But documents showed extensive plans to push out staff and cut down on infrastructure costs were already in place before Musk offered to buy the company.
After threatening to walk away from the deal in May and cancel it after alleging the company understated the number of bot and spam accounts on Twitter, which started a series of lawsuits between the two parties, Musk recently took a U-turn this month and said he would proceed with the deal on original terms.
If you wish to look back at what all has happened amid this much awaited Musk-Twitter deal this year, click here for the timeline.
Also Read:?World's Richest Person Elon Musk Meets His Indian 'Twitter Friend' 23YO Pranay Pathole In Texas
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