Elon Musk hints at layoffs in first meeting with Twitter employees
By Team Newsable | First Published Jun 17, 2022, 12:40 PM IST"Right now, costs surpass income," Musk said during an internal Q&A when questioned about the likelihood of layoffs, according to The Verge. Employees who overheard the comments informed the publication. "That's not a good scenario," Musk continued.
Tesla CEO Elon Musk addressed Twitter workers for the first time. During an internal discussion with Twitter employees, Musk stated that the firm "has to become healthy" financially and reduce costs. This implies that Twitter will most likely be laying off employees. Of course, if the purchase of the microblogging platform is completed. Musk has currently placed the Twitter deal on hold.
"Right now, costs surpass income," Musk said during an internal Q&A when questioned about the likelihood of layoffs, according to The Verge. Employees who overheard the comments informed the publication. "That's not a good scenario," Musk continued.
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Even while Musk did not expressly mention job cutbacks, his statements did hint at such a possibility in the near future. When employees inquired about possible layoffs, Musk said, "It depends, the firm does need to become healthier."
Also Read | Elon Musk threatens to call off USD 44 billion acquisition of Twitter; here's why
During the internal discussion, Musk also stated that headcount must be rationalised or Twitter will be unable to grow in the future. "Anyone who contributes to signification has nothing to fear about," he continued. During the discussion, Musk also discussed work-from-home arrangements, the buyout agreement, and other topics.
To recall, Twitter CEO Parag Agrawal recently informed staff that layoffs are not planned "at this moment." According to sources, Musk may dismiss Agrawal after the Twitter transaction is finalised, but the CEO has stated that he does not fear losing his job.
Meanwhile, he stated that employees who perform "great" job should be permitted to work from home. He did, however, clarify that he likes to work in person and would ensure with management that remote employees were positively contributing to the company.
Also read: Tesla pauses all hiring worldwide, Elon Musk says need to cut staff by 10%
The response occurred at a virtual all-hands meeting with Twitter employees, when Tesla CEO Elon Musk addressed staff for the first time and answered pre-submitted questions read aloud by a Twitter official. The meeting takes place in the midst of Musk's $44 billion takeover effort.
Also Read | Elon Musk to address Twitter employees for first time since takeover deal
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