Elon Musk has been all over the headlines recently with his takeover of Twitter and now there have been reports that Musk might get rid of half of the workforce.
The Tesla CEO has already caused quite a stir in his first week of owning the business after he dissolved the entire board of members to make him the sole owner and is now dividing Twitter users by suggesting the ‘blue verification tick’ could be paid for on a subscription basis of $8 per month.
This comes after a leading Twitter investor, Changpeng Zhao who is the CEO and founder of Binance, has back the decision. Zhao said at the Web Summit in Lisbon, Portugal:
“A slimmer workforce would make more sense”
According to reports from Bloomberg, Musk is going to be reducing the workforce of 7,500 by about half. The 3,800 staff members to lose their jobs on the social media platform are likely to be told by the end of the week.
Zhao added to his earlier point by saying that the roll out of new features has been too slow prior to Musk taking over. He explained:
“I do feel that Twitter, given the 7,500 people they have, the amount of new features that have been rolled out is quite slow,”
“Very simple things [haven’t] been really implemented very quickly, given the large workforce,”
“So a slimmer workforce would make more sense.”
Zhao continued to say that he “did not know for sure” whether Musk would follow through with the idea to cut jobs but that he know Musk “will do the right thing for the organisation.”
Twitter has not made any comment on this at the moment.