In a dramatic shift following Elon Musk’s takeover of Twitter, the social media giant’s workforce was slashed by a staggering 90 percent over the past six months. However, Musk hinted in a recent interview that the company might attempt to rehire some of the ousted employees.
Business Insider reports that the workforce of the social media giant Twitter has been drastically reduced over the last six months as a result of Elon Musk’s acquisition of the social media firm, with the employee population undergoing a staggering 90 percent reduction. In a recent interview, Musk did, however, suggest that the business might try to rehire some of the fired personnel.
Twitter headquarters in San Francisco, California, US, on Tuesday, Nov, 29, 2022. Twitter Inc. said it ended a policy designed to suppress false or misleading information about Covid-19, part of Musk’s polarizing mission to remake the social network as a place for unmoderated speech. Photographer: David Paul Morris/Bloomberg
Musk acknowledged that “desperate times call for desperate measures” in an interview with CNBC’s David Faber as he outlined his efforts to balance Twitter’s precarious finances. The majority of the 6,500 employees were let go, and others either left or lost their jobs due to the upheaval.
According to projections, Twitter will experience a $3 billion cash flow deficit in 2023, with Musk’s bank loan debt from the acquisition accounting for half of that. Musk likened the situation to “a plane that’s headed towards the ground at high speed with the engines on fire.”
Musk claimed that the business needed to take immediate action to reduce its cash burn rate and stabilize its finances. “We simply did not have the time to figure out” the firm’s layoff strategy as Twitter had to “get the run rate under control,” Musk stated, acknowledging that in the rush, some undeserving employees may have been let go.
The Tesla and SpaceX chief executive said, “With very little information we had to get the headcount expenses and the non-personnel expenses down to at least break even. If you do it fast, unfortunately, there’s going to be some babies thrown out.”
Despite the bleak scenario, Musk believes there is a way out. He told CNBC, “I think we absolutely need to hire people, and, if they’re not too mad at us, probably rehire some of the people who were let go.”
In a related development, Axios reported that Musk’s holding company for Twitter has acquired the staffing tool Laskie. This acquisition might be a step in the direction of the company’s objective to rebuild and restructure its workforce.
The hiring process has also become more stringent at Tesla, Musk’s other well-known business, with Musk now personally approving all new hires. Last year, the manufacturer of electric vehicles added about 30,000 new employees.
Read more at Business Insider here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan
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