Tesla and SpaceX CEO Elon Musk has said that he will cut 75 percent of the staff at Twitter after acquiring the platform, The Washington Post reported, citing interviews and documents it obtained.
Musk told prospective investors in his deal to buy the social media platform that he plans to shrink the number of workers at the company from 7,500 to about 2,000, according to the Post.
Twitter’s current management had also planned substantial reductions to its staff. Prior to Musk starting his takeover bid, Twitter was planning an $800 million payroll cut that would involve letting nearly 25 percent of the company’s workers go by the end of 2023, as well as major cuts to its infrastructure, the paper reported.
Musk agreed to proceed with his $44 billion agreement to purchase Twitter earlier this month after the company sued in an effort to force him follow through with the deal, which the parties agreed to in April, amid his earlier attempts to back out.
A Delaware judge granted Musk’s request to stay the trial between him and Twitter after he announced his intention to go through with his agreement to buy the company, giving the parties until Oct. 28 to close the deal. If it is not closed by that date, she said she will issue a trial date in November.
Musk has previously said that he plans to loosen content moderation on Twitter and signaled he would allow some who have been removed from the platform, including former President Trump, to return.
A court filing unsealed last week included claims by Twitter that Musk is under federal investigation over his conduct in his bid to take over the company.
Twitter’s attorneys said that lawyers for Musk refused to turn over documents related to the company’s lawsuit against the billionaire, citing “investigative privilege.”
However, an attorney for Musk disputed the company’s claims, saying instead that Twitter’s executives are under federal investigation.