Elon Musk intends to cut about 3,700 jobs at Twitter Inc, or half of the company’s workforce, according to Bloomberg, citing persons familiar with the situation.
According to the report, Twitter’s new owner will notify affected employees on Friday.
Musk also plans to reverse the company’s current work-from-anywhere policy, requiring remaining employees to report to offices — though some exceptions may be made, according to the report.
According to sources, Musk and a team of advisers have been weighing various scenarios for job cuts and other policy changes at Twitter. However, the terms of the headcount reduction are still subject to change. According to people familiar with the situation, laid-off workers will be offered 60 days’ worth of severance pay in one set of circumstances.
Since Musk took over and immediately fired many top executives, Twitter employees have been bracing for layoffs.
Musk appointed himself as the social network’s “Chief Twit.” Bloomberg previously reported that he would serve as interim CEO himself. He also dissolved the company’s board of directors and became sole director, later claiming it was “only temporary.”
According to people familiar with the situation, a few employees with director and vice president jobs were cut over the weekend. In addition, according to the sources, other leaders were asked to create lists of employees on their teams who could be fired.
A person familiar with the situation said this week that senior personnel on the product teams were asked to aim for a 50% reduction in headcount. The lists were reviewed by engineers and director-level staff from Tesla Inc., which Musk also runs. According to the sources, layoff lists were created and ranked based on individuals’ contributions to Twitter’s code during their time at the company.
Musk has been hinting at his staffing priorities recently, saying he wants to focus on the core product. Furthermore, Musk is attempting to increase revenue. The company will begin charging for blue tick verification soon.