New Twitter owner Elon Musk plans to cut 3,700 employees from the company’s workforce, which will cut the number of employees in half, in an attempt to cut costs, as Musk and a team of advisors are still in the midst of finalizing terms for layoffs, but one of the options they are considering in which it is to provide severance pay to people who have left it for 60 days. Those who get their jobs may have to get used to working from the office again.
According to Bloomberg, Musk also plans to end Twitter’s work-from-anywhere policy, and employees are required to inform offices with some exceptions, Engadget quoted.
An earlier post reported that Twitter employees were concerned about changes Musk could bring when it came to this particular policy before he took office.
It’s no secret that the CEO is not a fan of work-from-home arrangements and has previously given Tesla and SpaceX employees an ultimatum, requiring them to spend 40 hours in the office or leave the company.
Before Musk began to take control of the social network, reports emerged that he would fire 75 percent of the company’s employees.
He reportedly denied those numbers when he visited Twitter’s San Francisco headquarters, but it was abundantly clear that layoffs were still on the cards.
After concluding the Twitter acquisition deal, Musk’s first step was to fire former CEO Paraj Agrawal, chief financial officer Ned Segal and other senior executives.
More director and vice president positions were shed over the weekend, while some Twitter employees remaining in leadership roles were asked to write lists of employees that could be removed.
These layoffs were reportedly compiled based on each individual’s contribution to the Twitter code, and Musk sought help from Tesla managers and engineers to evaluate them.
Aside from ordering mass layoffs to save money, Musk is also implementing huge changes to make money, such as raising the price of Twitter Blue to $8 per month from $3. Bloomberg says the new rates could take effect as soon as Monday next week.
Signing up will also be a requirement for blue check marks from now on, although already verified users will be given months to start paying before they lose their checkmark.