Is Elon Musk planning to lay off 75% of Twitter employees?

Is Elon Musk planning to lay off 75% of Twitter employees?

Elon Musk reportedly intends to lay off 75% of the 7,500 Twitter employees.

He says his investors are overpaying for the acquisition.

Reports say that employee layoffs are inevitable in the coming months regardless of who runs the firm.

October 28 is the deadline set by Elon Musk to complete the purchase of Twitter.

Twitter has reportedly even halted its employees’ equity rewards as an indication that the deal is moving through.

Layoffs were scheduled before Musk’s proposal and the layoff of its workers saves about $800 million in salary.

While HR managers assure no mass layoffs are anticipated, documents show Musk made an acquisition bid to reduce infrastructure costs and force out staff.

Elon Musk has a net worth of $220 billion.

He offered to buy Twitter at $44 billion and said he would like to take the company private.