Employees of Twitter have been bracing for mass layoffs since Elon Musk took over the company.
The mass layoff has been looming on the horizon even before the billionaire's takeover of the company, but now it appears like it's actually happening. According to Reuters, Musk is planning to fire half of the company's employees, meaning 3,700 employees will be laid off.
Elon Musk will Also End Work-from-anywhere Policy
Barely a week after Musk acquired Twitter for $44 billion, he immediately implemented drastic changes.
First, he fired former CEO Parag Agrawal and other company's top officials. He also dissolved the board, making himself the company's CEO.
Now, he's planning to lay off half of the company's employees in an apparent move to cut costs. This would leave the company with 3,800 workers to carry out its operation.
According to Digital Trends, the new CEO of Twitter will send a notification to the affected employees on Friday.
As of writing, there is no confirmation yet regarding the precise exit terms, but sources said that affected employees would be given 60 days of severance pay each.
According to Bloomberg, Musk also plans to put an end to Twitter's work-from-anywhere policy that the company implemented when the COVID-19 pandemic hit the world.
Apparently, when this happens, employees will have to report to the Twitter office for work. However, some exceptions could be made for some workers, according to Digital Trends.
There have been previous reports about the company's employees being worried about the changes Musk could bring to Twitter when it comes to work-from-anywhere policy even before he took over.
According to Engadget, the billionaire isn't a fan of work-from-anywhere arrangements. Previously, he had given employees of his other companies, Tesla and SpaceX, an ultimatum to stay in the office for 40 hours or leave the company.
Twitter Layoff Will be Based on Employees' Ranking
Prior to Musk's takeover of the social media platform, there were reports that he was planning to axe 75 percent of the company's employees once the deal was completed.
The multi-company CEO intends to carry out the massive layoff in order to bring down the cost of the company's operation.
But many experts warned Musk that proceeding with the massive layoff would result in a significant negative impact on the social media platform's content moderation and data security.
During his visit to Twitter's San Francisco headquarters, the billionaire denied the news about his plan to lay off three-quarters of the company's employees.
But with recent reports, it appears that a massive layoff will still happen. According to Engadget, some remaining Twitter employees holding management positions were requested to identify staff members that can be cut.
Employees were ranked based on their individual contributions to Twitter's code, according to a report.
In addition, Musk is also planning to carry out huge changes to bring more money to the company. One of the things that he will implement is raising the price of Twitter Blue to $8 a month from $3.
