Musk plans to fire half of Twitter employees

Elon Musk plans to lay off about 3.7 thousand employees, or half of the state of Twitter Inc. to reduce costs.

Qazet.az reports writes about this, citing informed sources.

Musk is going to inform workers about this decision on Friday, the agency’s interlocutors, who wished to remain anonymous, also added.

In addition, the new owner of Twitter intends to abandon the company's previous policy, under which employees, in addition to the office, could work anywhere.

At the same time, the businessman developed various scenarios for downsizing and changes in corporate policy together with a group of consultants, writes Bloomberg. Musk is serious about cutting costs for a company he believes he overpaid when buying.

The Twitter deal, which Musk closed last week, cost the billionaire $44 billion.

In one of the scenarios being considered by the new management, Twitter could pay out-of-work workers compensation for early termination of their employment contract in the amount of two months' salaries.

Meanwhile, according to Bloomberg sources, after it became known about the reduction plans, Twitter left the company's chief accountant, Robert Caiden. Earlier, CEO Parag Agrawal and CFO Ned Segal also resigned from the company, and Musk later dissolved the entire Twitter Board of Directors.