Elon Musk has refuted reports he intends to cut 75% of Twitter’s workforce, telling Twitter staff those are not his plans when he takes control of the company, according to a source with knowledge of the statements.
In an address to employees at the company’s San Francisco headquarters, Musk denied the reports, although he did not expand on what his plans were, according to a source. It is assumed Musk will engage in some sort of staff downsizing as part of his reorganization of the social media giant.
When he entered the headquarters, he filmed a short video clip to post on the service, of himself carrying a kitchen sink. Many took it to mean he was going to throw out everything in the company except the kitchen sink he was bringing in.
Twitter’s 7,500 employees are said to be viewing the takeover with fear for their own job prospects. Musk has promised investors he would double the company’s revenue in three years, leading many to expect him to cut much of the company’s workforce.
Musk posted another tweet on Thursday to Twitter’s advertisers, noting that he had bought the company “to try to help humanity, whom I love.” He also noted, if done right advertising can “delight, entertain, and inform” users. However he noted to do that Twitter will need to make sure the ads it presents to users are relevant to their needs.
As the deal has approached its close, Twitter’s share price has steadily crept toward Musk’s takeover offer of $54.20 per share. As of Thursday’s close, it stood at $53.70 per share.
The Daily Financial Trends
