Twitter has No Plans to Lay Off Workers on a Large Scale
Twitter has said it has no plans for a company-wide layoff. Elon Musk touted layoffs as a profit-boosting strategy before canceling the acquisition deal. The microblogging platform said that the company’s internal restructuring process will continue even if there are no mass layoffs.
A day after Tesla chief Elon Musk was sued in a Delaware court, Twitter said in a filing with authorities that it has no plans for large-scale layoffs. Elon Musk has recently backed out of the agreement to buy Twitter for $4,400 million. In response, Twitter sued Musk, counter-alleging breach of contract without just cause.
According to Reuters, Elon Musk may be forced to buy Twitter at the price of 54 dollars 20 cents per share mentioned in the initial offer if he loses the case. Twitter also said on Wednesday that it sent Musk proposals for two special employee retention projects in June. Musk has not responded yet.
Reuters did not receive a response from Musk after reaching out to Tesla about Twitter’s recent actions.
The news agency reported that workers had been fearing job losses ever since Musk offered to buy Twitter. On the other hand, Musk’s preferred strategy for retaining profits is layoffs and cost-cutting in other sectors.
Also, sit somewhere away from the office and mask the opposite of ‘remote work’. He also wants to make changes to content moderation that the platform’s staff feared would adversely affect Twitter’s long-established moderation policy.
Twitter, on the other hand, announced in May that all hiring processes had been suspended. The company said it would reconsider existing job offers.