Wednesday, it was reported that Elon Musk plans to lay off more than half of Twitter’s employees so he can reduce costs and reduce his debt from the “overpayment” of the platform.
According to Bloomberg, Musk has let over 3,700 employees know that their last day on the job is Friday.
After taking over Parag Agrawal’s job, the billionaire promptly renamed himself “Chief Twit,” firing several other top-level staffers.
Musk resumed the layoffs over the weekend while directors were urged to compile lists of protentional workers to fire, the report said.
The plan has not been finalized, but a few options remain to consider, including paying severance pay to terminated employees for two months.
Sources also say that senior personnel of the product team has been ordered to reduce headcount by 50%.
The source said that some employees on Twitter’s layoff list were added or spared because of their contributions to Twitter’s code.
Musk will also announce a return-to-work policy for Twitter’s remaining staffers at its San Francisco headquarters – a reversal of the company’s current policy that allows staffers to work from wherever they choose.