In a series of rapid change in the Twitterverse, Elon Musk plans to lay off about 3,700 Twitter employees, or about half of its current workforce, according to a Bloomberg report Wednesday that cited people familiar with the matter.
The move comes as an effort to cut costs following Musk’s purchase of the company for $44 billion. The interim CEO also plans to remove the current work-from-anywhere policy that was put in place at the start of the COVID pandemic in 2020. Remaining employees will be required to report to the Twitter offices, with some exceptions, and Musk plans to inform employees who are affected by the layoffs on Friday, according to the report.
Since Musk took over the social media platform, several Twitter executives have been fired, including CEO Parag Agrawal, CFO Ned Segal and Vijaya Gadde, head of legal policy, trust and security. Musk also announced his decision to make Twitter Blue $8 a month, shut hundreds of employees out of content moderation systems days before the midterm, and flirted with the idea of a “paid video”[ads1]; feature.
While Musk officially bought the platform on Thursday, Oct. 27, in a deal he initially tried to back out of, reports of impending layoffs aren’t a surprise. Since he first announced he would buy the company in April, he previously shared a pitch deck with investors that revealed he planned to take Twitter private and shed workers to bring in new engineering talent.
Senior personnel in the product teams were asked to cut staff by half, and other managers were asked to make lists of team members they wanted to cut, Bloomberg reports.
Musk seems to be enjoying his new position. He has since updated his Twitter bio from the previously self-described “Chief Twit” to “Twitter Complaint Hotline Operator.” Earlier this week, pundits who just days ago praised the billionaire after he revealed part of his content moderation strategy to create a council and consult with “civil society leaders” reversed themselves.
“Being attacked by both the right and the left at the same time is a good sign,” Musk tweeted in response.