Twitter tries calming employees as deal with Elon Musk nears

Twitter is making an attempt to quell staff’ fears as Elon Musk‘s looming takeover of the corporate fuels worries a couple of seismic overhaul of the social media service – however its assurances might solely go to date.

For months, Musk’s $44-billion acquisition of Twitter has roiled the corporate’s 7,500 staff because the billionaire made pronouncements about how he would change the service after which tried to again out of the deal. Now, together with his takeover again on observe and set to shut no later than subsequent Friday, disquiet inside the corporate has intensified.

Staff’ fears had been stoked Thursday when
The Washington Publish reported that
Musk planned to cut Twitter’s staff by as much as 75% in the coming months.

Employees have additionally been worrying over how their compensation would possibly change as soon as Musk transforms the corporate from a publicly traded agency into a personal one, stated 5 staff who weren’t authorised to talk publicly.

Late Thursday, Twitter tried to calm a few of the considerations. In a memo to staff, Sean Edgett, the final counsel, stated there have been no plans for layoffs.

“We should not have any affirmation of the customer’s plans following shut and advocate not following rumors or leaked paperwork however reasonably look forward to details from us and the customer immediately,” he wrote. The memo was reported earlier by
Bloomberg.

No matter Twitter does to reassure its staff is probably not sufficient. As soon as Musk completes the deal for the corporate, he can do nearly something he likes with the agency.

Musk has stated that he desires extra free speech on the platform and that he’ll enable former President Donald Trump, who was barred from the service, to return. Musk has additionally stated he plans so as to add extra subscription companies to Twitter and reduce some jobs whereas attracting extra customers to the service.

As of Friday, the deal seemed to be hurtling towards the end line. The funding banks which have dedicated $12.5 billion to finance Musk’s takeover of Twitter proceed to work on finalising these commitments forward of the October 28 deadline, stated an individual with information of the scenario.

As soon as the deal is closed, Musk is anticipated to run Twitter on a lean finances. The billionaire is taking out loans to finance the acquisition, and traders who’re contributing greater than $7 billion to the acquisition can even count on returns.

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