TWTR - Elon Musk said to plan to reduce Twitter's workforce by 75% - report

Billionaire Tesla ( TSLA ) CEO Elon Musk told prospective investors in Twitter ( NYSE: TWTR ) that he plans to cut the social media giant's employee count by about 75%.

Musk plans to reduce the headcount of Twitter's 7,500 employees down to just over 2,000 in the coming months, according to a Washington Post report , which cited interviews and documents obtained by the publication.

Planning for the close of Musk's $44 billion acquisition of Twitter by next Friday is moving forward in good faith after months of legal wrangling, according to the report, which cited people familiar with the talks.

The latest report comes after Musk on Tesla's ( TSLA ) earnings conference call on Wednesday said that he and other investors are " obviously overpaying" for Twitter ( TWTR ).

"I think it's an asset that has sort of languished for a long time, but it has incredible potential," Musk said on the electric car maker's earnings conference call . "Although obviously myself and the other investors are obviously overpaying for Twitter, the long term potential for Twitter in my view is in an order of magnitude greater than its current value."

The billionaire's comments come as Musk is expected to complete his $44 billion purchase of the social media giant by next Friday after he decided to go ahead with the deal at its original price of $54.20/share after earlier trying to get out of the transaction.

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