Tesla Inc TSLA CEO Elon Musk reportedly doesn’t plan to cut Twitter Inc TWTR staff by 75% after he takes over the social media company.
Musk told employees about his plans during a visit to Twitter’s San Francisco headquarters on Wednesday, reported Bloomberg, citing people familiar with the matter.
He spent the afternoon meeting employees and many questions were reportedly put to him, including from a Washington Post report that he plans to lay off 75% of the staff.
Musk said he didn’t know where that number came from and denied such plans. However, he did not explicitly rule out layoffs, according to Bloomberg.
On Wednesday, Musk tweeted a video of him carrying a sink into Twitter’s San Francisco headquarters.
The billionaire tweeted that he “met a lot of cool people” at Twitter HQ during his visit.
Meeting a lot of cool people at Twitter today!
— Elon Musk (@elonmusk) October 26, 2022
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Why It Matters: Musk was given Friday as a deadline by Delaware Court of Chancery Judge Kathaleen McCormick to close the Twitter deal.
Musk is likely to spend the week in Twitter’s headquarters and will speak to the company’s staff directly on Friday.
At the beginning of the month, Musk renewed his offer to purchase Twitter for $54.20 per share.
Price Action: On Wednesday, Twitter shares closed 1.2% higher at $53.42 in the regular session and gained 0.9% in the after-hours trading, according to data from Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.