Billionaire Elon Musk decided to buy Twitter earlier this year, hoping to bring changes according to his preferences. That also involves cutting short the workforce management by bringing the layoff season into the company. Twitter already has a lesser number of employees as compared to other companies; layoffs mean more economic downturns.
Anyway, Washington Post has come across the latest news about Elon Musk in which he decided to cut off 75% of the workforce from a Twitter company. Earlier this year, in April, Musk, a 9% stakeholder in the company, decided to buy Twitter for $44 Billion, no less than that. He has often changed his mind to call off the deal because of the fake spam bot but finally agreed to buy the company on his demands.
Although there is no middle ground found between Twitter and Elon Musk. The speculations of alleged accusations of a fake spam bot made Twitter sue Elon Musk. Since then, both sides are fighting to win over Twitter, whereas judge Delaware postponed the hearing till 28 October to solve their differences. Till then, they can solve this strife between the two companies or continue with their court cases.
Additionally, Twitter appears to have fewer employees than other businesses. According to Companies Marketplace, Twitter currently employs 7,500 people. If they decide to lay off 75% of them, they will only have 2,000 employees, putting them on par with Groupon. Snap, on the other hand, employs 6,449 people, while Spotify employs 9,000. For the time being, Twitter is in between these two Inc.
The Tesla CEO’s attorney Alex Spiro is concerned he did not make any comments regarding this news. Whereas Wedbush analyst Dan Ives said that the layoffs will bring more profit and engagement to the company. The investors will willingly make a deal to invest and make some profit. But all the more, cutting employees short will also bring economic downturn.
In addition, the Washington Post reports that the company would still enter the layoff season if Elon backed out of the deal. Another indication that the business itself is experiencing a difficult financial situation is the fact that the company will be terminating additional employees in the future.
Notably, large numbers of people work for other tech companies without having to worry about layouts. Uber, Pay Pal, Baidu, Salesforce, and trip.com are just a few examples. Zuckerberg oversees 83,000 Facebook employees.
Other companies have been listed by Companies Market Cap is Amazon, with 1.5 million employees. Whereas Apple contractor Foxconn has 826,600 workers, Chinese e-commerce giant JD has 390,000 workers, Alibaba owns 245,700 workers, and IBM owns 282,100 workers.
The only difference between these tech companies is that they need employees to move physical goods as compared to social networking apps. For social networking apps, the requirements are different than for e-commerce companies. Therefore, this naturally makes the workforce smaller by default.
H/T: Statista.
Read next: Report reveals that Alibaba has the most Gross Merchandise Value out of all the C2C websites
Anyway, Washington Post has come across the latest news about Elon Musk in which he decided to cut off 75% of the workforce from a Twitter company. Earlier this year, in April, Musk, a 9% stakeholder in the company, decided to buy Twitter for $44 Billion, no less than that. He has often changed his mind to call off the deal because of the fake spam bot but finally agreed to buy the company on his demands.
Although there is no middle ground found between Twitter and Elon Musk. The speculations of alleged accusations of a fake spam bot made Twitter sue Elon Musk. Since then, both sides are fighting to win over Twitter, whereas judge Delaware postponed the hearing till 28 October to solve their differences. Till then, they can solve this strife between the two companies or continue with their court cases.
Additionally, Twitter appears to have fewer employees than other businesses. According to Companies Marketplace, Twitter currently employs 7,500 people. If they decide to lay off 75% of them, they will only have 2,000 employees, putting them on par with Groupon. Snap, on the other hand, employs 6,449 people, while Spotify employs 9,000. For the time being, Twitter is in between these two Inc.
The Tesla CEO’s attorney Alex Spiro is concerned he did not make any comments regarding this news. Whereas Wedbush analyst Dan Ives said that the layoffs will bring more profit and engagement to the company. The investors will willingly make a deal to invest and make some profit. But all the more, cutting employees short will also bring economic downturn.
In addition, the Washington Post reports that the company would still enter the layoff season if Elon backed out of the deal. Another indication that the business itself is experiencing a difficult financial situation is the fact that the company will be terminating additional employees in the future.
Notably, large numbers of people work for other tech companies without having to worry about layouts. Uber, Pay Pal, Baidu, Salesforce, and trip.com are just a few examples. Zuckerberg oversees 83,000 Facebook employees.
Other companies have been listed by Companies Market Cap is Amazon, with 1.5 million employees. Whereas Apple contractor Foxconn has 826,600 workers, Chinese e-commerce giant JD has 390,000 workers, Alibaba owns 245,700 workers, and IBM owns 282,100 workers.
The only difference between these tech companies is that they need employees to move physical goods as compared to social networking apps. For social networking apps, the requirements are different than for e-commerce companies. Therefore, this naturally makes the workforce smaller by default.
H/T: Statista.
Read next: Report reveals that Alibaba has the most Gross Merchandise Value out of all the C2C websites
