HomeBusinessBig disclosure about Elon Musk, 75% of employees were about to leave...

Big disclosure about Elon Musk, 75% of employees were about to leave by buying Twitter

Elon Musk- India TV Hindi News
Photo:PTI Elon Musk

Highlights

  • Musk had said it would lay off about 75 percent of its 7,500 employees.
  • Musk offered to buy Twitter on April 14 for about $44 billion.
  • Musk cites number of spam accounts as reason for going on hold

The Twitter deal of the world’s richest man and businessman Elon Musk was in the news this year. Now a big news related to this deal is coming out, which shows that if this deal of Elon Musk was completed, then surely there would have been a disaster in Twitter. However, the possibility of Musk’s Twitter deal being completed is still not over. In such a situation, it is believed that if the command of Twitter comes in the hands of industrialist Elon Musk, then whenever this happens, his plan will be to remove most of the employees of the company.

Such a claim has been made in a news published in the Washington Post. This report was published in the newspaper on Thursday. It quoted documents and sources as saying that Musk has told potential investors to buy Twitter that he will lay off about 75 percent of the 7,500 employees and keep the minimum staff at the company. There are already fears of job layoffs, but Musk’s plans are very wide.

“Laying 75 percent of the workforce means strong capital flows and profitability that will attract investors to the deal,” says Dan Eves, an analyst, who added that Twitter’s workforce is such a big one. To cut would mean taking the company back several years. Twitter employees, including experts, have warned that halting investment in content and data security would be harmful to Twitter and its users, including its users.

What was Musk’s Twitter deal?

Musk offered to buy Twitter on April 14 for about $44 billion. In this offer, Musk had said to buy a 100% stake at $ 54.20 per share with a 54% premium. Also Musk said that this is my best and last offer. And if this is not accepted, I will need to reconsider my position as a shareholder. Musk owns a 9.2% stake in Twitter.

why the deal stuck

Musk cited the number of spam accounts as the reason the deal went on hold. Recently, Twitter stated in its filing that the number of spam accounts out of its monetized daily active users in the first quarter of 2022 is less than 5%. The company called this an estimate and said that in reality the number of spam accounts could be even higher.

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