A report from Wednesday said that new Twitter owner, Elon Musk, has plans to lie off almost 4,000 staffers-that is half of the workforce at Twitter. Musk is aiming to reduce the debt he has incurred from “overpaying” for Twitter.
Musk purchased the social media platform for $44 billion and, according to Bloomberg, informed half of the staff that Friday would be their last day on the job.
Musk already fired several top-level staffers, including the Chief Executive Officer, Parag Agrawal. Musk took over the CEO position and named himself “Chief Twit.”
According to the Bloomberg report, during the weekend, Twitter directors were directed to make lists of possible employees who could be put on the chopping block.
The plans have not been finalized yet and may still change, sources said to the outlet. A two-month severance pay for employees who are getting laid off is also being considered.
Someone with inside information about the cuts said that senior personnel were ordered to reduce the headcount by 50%.
Decisions about staffers were made based on each individual’s contribution to Twitter’s code while they worked for the social media platform.
Musk brought on Tesla managers and engineers to review layoff lists.