Elon Musk on Twitter (TWTR) employee layoffs: 'the company needs to get healthy'
According to Musk, layoffs will likely be coming depending on the company's financial situation.
As the likelihood of Elon Musk taking over Twitter looms, he took part in an all-hands meeting with the company today where a number of concerns were raised and addressed. One of those concerns was the possibility of layoffs at the company. According to Musk, it’s a likely possibility, sharing that the “company needs to get healthy” during his address of its revenue versus its costs.
Musk addressed the matter of layoffs at Twitter during an all-hands meeting that took place on June 16, 2022. When asked about possible layoffs when Musk shared that he believes the company is currently lopsided in its balance of cost versus income.
“The company does need to get healthy,” Musk reportedly said. “Right now the costs exceed the revenue”
This answer had many employees nervous about what happens after Elon takes the reins of Twitter. To this end, Musk also shared that employees that are actively aiding in the company’s overall health and progress have nothing to fear.
“Anyone who is a signification contributor has nothing to worry about,” Musk added.
It should come as little surprise that Twitter employees were not thrilled with the responses given, especially in regards to layoffs. Reportedly, many expressed their concern about a number of topics, including concerns about remote work, which Elon Musk has previously shown disdain for at Tesla. There were also concerns about which employees would be considered a “significant contributor” or not by Musk’s standards.
Musk shared a number of further responses to employee concerns during the all-hands meeting, including wanting to get further (real) users on the platform and reducing restrictions on free speech. Even so, Musk still has to face multiple lawsuits from shareholders which have accused Musk of artificially lowering the stock price for the deal and are trying to delay it. For more on the Twitter deal and Musk’s acquisition, stay tuned for further updates right here at Shacknews.
TJ Denzer posted a new article, Elon Musk on Twitter (TWTR) employee layoffs: 'the company needs to get healthy'