Elon Musk to lay off 50% of Twitter employees, scrap work-from-anywhere policy and ask employees to go back to the office

 

Elon Musk attends Heidi Klum's 21st Annual Halloween Party at Sake no Hana on the Moxie Lower East Side on Monday, October 31, 2022 in New York.

Elon Musk plans to reverse Twitter's existing Work From Anywhere policy, asking remaining employees to report to offices.

In an effort to cut costs, Elon Musk plans to cut about 3,700 employees, or 50% of the workforce at Twitter, according to Bloomberg sources. The new owner of Twitter wants to notify affected employees on November 4. The remaining employees will be asked to go to offices as Musk plans to change the company's current work-from-anywhere policy. Sources say that some exceptions can still be given.

Musk must find ways to reduce spending for the company, which he claims has overpaid. In April, as the markets began to tumble, the billionaire committed to pay $54.20 per share. He then allegedly claimed that the corporation had deceived him about the popularity of fake accounts, while he tried for months to back away from the transaction. In recent weeks, Musk decided to close the purchase under predetermined terms and after the San Francisco-based company sued Musk to fulfill his commitment.


Last week, senior members of product teams were instructed to aim for a 50% workforce reduction, claimed a person aware of the situation. Tesla's engineers and directors, led by Musk, scrutinized the names. According to sources, the layoff list was made and ranked on the basis of contribution to the Twitter code of the employees while they were employed by the firm.

The specifics of the workforce reduction may still change as Musk and a group of advisers took to Twitter to consider a range of options for job cuts and other policy changes. Two people said that in one scenario, those who have been laid off will be provided a severance amount of 60 days.


Twitter employees have been preparing for layoffs ever since Musk took control of and fired a large part of the top management team, including CEO Parag Agarwal. Leslie Berland, Chief Marketing Officer, Sarah Persnet, Chief Customer Officer, and Jean-Philippe Mhow, Vice President of Global Customer Solutions, were among the other executives leaving in the coming days.