TWTR - Elon Musk said to have ordered imminent Twitter layoffs
- Billionaire Elon Musk is said to have ordered layoffs at Twitter ( NYSE: TWTR ) as soon as Saturday, just days after he took over the social media behemoth.
- The Tesla ( TSLA ) chief, who completed his $44 billion acquisition of Twitter on Thursday, is said to have planned for cuts across the company, with some areas to be impacted more than others, according to a New York Times report , which cited people familiar. The scope of the reductions wasn't immediately known. Twitter has about 7,500 employees.
- The layoffs are expected to come before Tuesday, when the employees were expected to receive stock grants as part of their compensation, according to the NYT report.
- The report comes after a Washington Post story earlier this month said that Musk planned to cut 75% of the Twitter ( TWTR ) workforce after he took over, a report that was later denied by the social media company.
- Also see from earlier Saturday, Musk, Trump, Zuckerberg: T witter buy signals new stage in the social media wars.
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Elon Musk said to have ordered imminent Twitter layoffs