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Elon Musk says no plan to lay off 75% of Twitter employees

Elon Musk says no plan to lay off 75% of Twitter employees

Elon Musk says no plan to lay off 75% of Twitter employees
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By Kanishka Sarkar  Oct 27, 2022 10:38:01 AM IST (Published)

Elon Musk has refuted plans to lay off nearly 75 percent of Twitter employees when he takes over the microblogging platform, according to a report.

Elon Musk, who is all set to close the $44 billion deal to take over Twitter on Friday, told the social media platform’s employees on Wednesday that he doesn’t plan to cut 75 percent of the jobs in the company, according to a report.

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Musk denied the previously reported number while addressing staff at the company’s San Francisco office, people familiar with the development told news agency Bloomberg.
After reports emerged that Musk was considering layoffs, Twitter Inc too had last week clarified that were no plans for company-wide layoffs. This was after The Washington Post reported the Tesla boss had told prospective investors that he planned to get rid of nearly 75 percent of the company's 7,500 workers, citing interviews and documents.
Earlier in the day, Musk hinted at being the company's top boss after updating his profile's bio to "Chief Twit".
The billionaire said he paid a visit to Twitter Inc's headquarters in San Francisco on Wednesday, ahead of a court-ordered deadline to close his $44 billion deal for the social media platform. "Entering Twitter HQ – let that sink in!" said the caption of a video that Musk tweeted in which he was walking into the Twitter office carrying a sink in his hands.
Banks have started to send $13 billion in cash backing Musk's takeover of Twitter in a sign that the deal is on track to close by the end of the week, the Wall Street Journal reported, citing people familiar with the matter.
Once final closing conditions are met, the funds will be made available for Musk to execute the transaction by the Friday deadline, the report added.
In the six months of a dramatic back-and-forth since Musk announced his $54.20 per share bid.
Twitter initially resisted the deal by adopting a poison pill and later sued the world's richest man after he announced plans to abandon the offer on concerns about spam accounts on the platform.
Earlier this month, Musk proposed to proceed with his original $44 billion bid, calling for an end to the lawsuit by Twitter.
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