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Home » Elon Musk to ‘Drain the Swamp’ of Twitter; Plans on Firing 75 Percent of Current Employees to Make Platform More Profitable

Elon Musk to ‘Drain the Swamp’ of Twitter; Plans on Firing 75 Percent of Current Employees to Make Platform More Profitable

Image Credit - Lucy Nicholson/Reuters

On Thursday, The Washington Post obtained documents Tesla CEO Elon Musk sent to potential Twitter investors, indicating his intent to fire 75% of the 7,500 Twitter workforce. This would mean the firing of over 5,500 employees at Twitter.

The current staff has swirled as they fear that they are part of the 75%. On October 28th the acquisition is expected to go through and we will receive more information such as how many firings Musk will lay down.

This move is explained by Musk as a way to save money, but is viewed by the public as a “drain the swamp” plan for Musk to allow Twitter to be a truly free speech platform. Musk says he plans to save over 700 million a year with the move.

Twitter executives have denied reports of these layoffs, on Thursday General Counsel Sean Edgett told employees to expect “tons of public rumors and speculations” for the week leading up to the deal closing.

Elon has not been connected to the Former President in his Twitter takeover recently but many also speculate his potential unban for Donald Trump when he takes over the social media app.

During a quarterly Tesla earnings call, Musk addressed the economic side of the purchase, even admitting the $44 billion acquisition was an overpay.

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“Although obviously, myself and the other investors are obviously overpaying for Twitter right.”

After much back and forth between the two sides and many losing hope that the Tesla founder would deliver on his promise to run the platform the deal seemed to be all but finalized.

“Now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value,” Musk said.

Elon first agreed to the price of the company at $54.20/share which sunk to $32.40/share after Musk first withdrew from the purchase. The value of the stock in the 3 months since has averaged at $39/share but this week as Musk begins to take over the stock has risen to $52.44/share.

This price per share that Twitter currently sits at is the highest it has been at in almost a full year, still failing to reach the evaluation Musk’s purchase has it at.

Musk reportedly must continue to sell Tesla shares to get the cash for the purchase because although he is the richest man in the world, he doesn’t have $240 billion in net worth beneath his mattress.

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