Twitter Inc. Its employees said that there are no plans for mass layoffs within the company since it signed a deal that will get Elon Musk, referring to reports that the billionaire aims to attract its workforce as part of its acquisition.
In a note seen by Bloomberg News, Twitter General Counsel Sean Edgett warned workers not to expect “tons of rumors and public speculation” as the deal closes. “We do not have any confirmation of the buyer’s plans after the deal is closed and we recommend not following up on rumors or leaked documents, but waiting for the facts from us and the buyer directly,” he said.
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The Washington Post reported that Musk’s plan for Twitter includes reducing its staff by 75% within months. The newspaper, citing documents and people familiar with the matter, said that Musk, who is set to complete a $44 billion purchase of the social network on October 28, will cut Twitter’s number of employees to just over 2,000, from the current 7,500. plans
Bloomberg News confirmed that potential investors have been told of the reduction plan, along with an attempt to double revenue within three years.
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In his note, Edgett said discussions about cost savings and planning occurred earlier in the year. “Those discussions stopped once the merger agreement was signed,” he said. “Since the merger agreement was signed, there have been no plans for mass layoffs.”
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