Elon Musk is at it again. On Thursday, Bloomberg reported that the billionaire plans to slash around 3,700 jobs at Twitter, that is, around 50% of the social media company’s workforce.
According to the report, Musk could be doing this to drive down costs following his $44 billion acquisition of the social media company. Musk intends to inform staffers of these lay-offs on Friday.
Musk also intends to ask employees to return back to the office reversing its earlier policy of working remotely.
The billionaire’s takeover of Twitter has begun with a series of layoffs including from the senior management. Musk has already fired CEO Parag Agrawal, CFO Ned Segal, and senior management from the legal department including Vijaya Gadde and Sean Edgett.
Layoffs have been the running theme in social media companies this year.
Reduction in Workforce at META and SNAP
Last month, social media giant Meta Platforms (META) also announced that it was reducing its workforce by 15% or laying off 12,000 of its employees as a result of macro headwinds.
In August, Snap (SNAP) also stated that it planned to let go of one-fifth of its workforce.
Interestingly, social media peer Pinterest (PINS) has fared relatively better with better user engagement and an increase in ARPU. However, the stock has still been down by more than 30% year-to-date.
In contrast, SNAP and META have seen their stocks drop by more than 70% year-to-date.
