(PJ Media) Even for a guy like Elon Musk, $44 billion is quite a chunk of money to spend on anything, even for the most valuable and influential social media platform in the world.
As often happens in the business world, cost-cutting measures are typically deployed upon acquiring a new business. According to a bombshell Bloomberg report Wednesday night, it appears the first money-saving cuts could come Friday in the way of firing roughly half of Twitter’s entire workforce.
That would be about 3,700 jobs, according to the report. Musk is also set to require a majority of whichever workers are left standing to actually come to work at the office, as we did back in the good ol’ days, effectively ending the work-from-home situation that became the new normal over the course of the pandemic.
Musk, as of this writing, hasn’t commented on Bloomberg’s report, but one Twitter user perfectly summarized why such a massive round of layoffs is probably the logical move at this point. Too many useless managers, and not nearly enough workers.
what’s the point?
To hire similar people again later?— Нью-Йоркщина и Нью-Джерщина (@me_in_new_york) November 3, 2022
Some of Twitter’s top executives have already been relieved of duty, including Chief Executive Officer Parag Agrawal, finance chief Ned Segal, and senior legal staffers Vijaya Gadde and Sean Edgett.
Within days of taking over the now-private company, Musk dissolved Twitter’s board, eliminating Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou as members of the board.
The insider familiar with the developments also told Bloomberg that a process is already playing out as far as who will likely get the axe on Friday, or in the near future. It appears that Musk is deploying a meritocratic barometer to determine which Twitter employees have a shot at keeping their jobs. The hardest workers will be rewarded, as should be the case.
Bloomberg (emphasis added):
