Elon Musk told prospective investors in Twitter that he planned to eliminate about 75% of the social media platform’s 7,500-strong workforce. Such a move would leave Twitter with about 2,000 staffe…
Musk yesterday during a Tesla earnings call said he and current investors going in with him on the deal are way overpaying for the company, but that he sees “huge potential” and great value in Twitter down the road.
There may not be long to wait for Musk’s plans to be unveiled. Talks are ongoing and he’ll need to get the deal closed by next week’s deadline to avoid the trial in Delaware Chancery Court. “I’m excited by the Twitter situation,” he said yesterday in one of of the first positive comments about the purchase in many months.
Musk agreed to buy Twitter in April and reneged in July. Twitter sued and the two sides were locked in combat facing an Oct. 17 court date. Acrimony cooled somewhat after Musk renewed his offer for the original price – of $44 billion or $54.20 a share – and a judge stayed the trial to give the deal another chance.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk Plans to Lay Off Nearly 75% of Twitter Employees, or 5,500 Staffers (Report)Elon Musk could be set to slash Twitter’s headcount drastically once his $44 billion deal for the social network goes through. The mega-billionaire has told potential investors in the Twitter…
Read more »
Elon Musk reportedly cutting 75% of Twitter's workforce after buyoutBillionaire Elon Musk reportedly planning to slash about 75 percent of Twitter's staff, in a major transformation of the tech giant after $44B buyout
Read more »
Elon Musk, noted SF critic, reportedly plans mass Twitter layoffsMusk has previously hinted he would move Twitter out of San Francisco, falsely claiming its presence in The City gives the platform 'a strong left bias.'
Read more »
PolitiFact - Trump still didn’t tweet his thanks to Elon Musk, and isn’t back on TwitterDonald Trump didn’t thank Elon Musk on Twitter for letting him back on the social media platform, but images of supposed tweets from the former president suggest otherwise.
Read more »
Elon Musk says he's 'obviously overpaying' for Twitter but touts platform's 'incredible potential'Billionaire Elon Musk has said his decision to acquire Twitter for $54.20 per share could potentially accelerate the creation of X, an 'everything app,' by three to five years.
Read more »
Elon Musk accuses Fed of 'looking in the rearview mirror' with rate hikesTesla CEO Elon Musk said Wednesday the Fed is 'looking in the rearview mirror' with its interest rate hikes as the economy is in the midst of 'deflation.'
Read more »