Report: Elon Musk planning to lay off 75% of Twitter’s workforce
A major layoff is reportedly on the horizon for Twitter, as Elon Musk moves closer to finalizing his $44 billion acquisition of the social media giant.
According to The Washington Post, the billionaire and CEO of Tesla is planning to cut Twitter’s workforce by 75 per cent in the coming months.
The move would reduce the company’s global headcount from approximately 7,500 employees to just over 2,000. It’s unclear at this time how many staff members at Twitter Canada could be affected.
“Although [other investors and I] are obviously overpaying for Twitter, the long-term potential for Twitter in my view is in an order of magnitude greater than its current value,” Musk said during Tesla’s third quarter earnings conference call on Oct. 19.
The report comes as several North American tech companies, including Microsoft, Meta, Shopify, Snap, and Hootsuite, have significantly reduced their workforces as they continue to monitor market conditions.
According to TIME, Twitter employees are circulating an open letter — protesting Musk’s plan to fire around three-quarters of the company once he takes control.
However, Twitter said in an email to employees on Oct. 20 that there aren’t plans for a companywide layoff at this time.
SEE ALSO
• Report: Top Twitter execs fired ‘for cause’ to avoid severance payouts
• Elon Musk to Tesla Employees: ‘Come back or get out’
• Employment lawyer on mass layoffs in the tech industry
• Layoffs in Canada
If you’re a non-unionized employee, check out our Twitter Layoffs guide.
You can also use our free Pocket Employment Lawyer tool for real-time insights.
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About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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