Updated on November 12, 2022
➡ Additionally, Twitter may increase the cost of its paid subscription to $8 from $3 as soon as next Monday.
The widespread layoffs that Twitter employees have been anticipating ever since Elon Musk started his takeover may be imminent.
According to Bloomberg, the website’s new owner and “Chief Twit” intends to lay off 3,700 workers, which would reduce the company’s headcount by half and help cut costs.
Offering 60 days’ worth of severance pay to those who are fired is one option Musk and a group of advisers is reportedly considering as they finalize the terms for the layoffs. The executive could inform the affected employees as early as Friday.
Those who retain their jobs might need to adjust to working from the office once more.
According to Bloomberg, Musk also intends to end Twitter’s policy of allowing employees to work remotely and require them to report to offices, with some exceptions.
The publication previously claimed that before Musk even became CEO, Twitter employees had expressed concern about the potential changes Musk could make to this particular policy.
It’s no secret that the executive isn’t a fan of remote working arrangements; in the past, he’s threatened to fire Tesla and SpaceX employees if they don’t spend 40 hours a week in the office.
There were rumors that Musk would fire 75% of the company’s employees before he took control of the social network.
Although he reportedly refuted those figures when he went to Twitter’s headquarters in San Francisco, it was pretty obvious that layoffs were still a possibility.
Musk was the first to fire former CEO Parag Agrawal, Chief Financial Officer Ned Segal, and other top executives after the deal to buy Twitter was finalized.
Over the weekend, more director and vice president positions were eliminated, and some senior Twitter employees were asked to compile lists of staff that could be eliminated.
Musk reportedly asked Tesla’s directors and engineers for assistance in evaluating those layoff lists, which were reportedly ranked according to each person’s contribution to the code of Twitter.
Musk is making significant changes to his business model in addition to ordering a mass layoff to save money, such as increasing the cost of Twitter Blue from $3 to $8 per month.
According to Bloomberg, the new pricing could go into effect as soon as next Monday. Future blue verification badges will also require a subscription, though users who have already been verified will have months to start paying before they lose their check mark.
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