Elon Musk says he will lay off 75% of Twitter employees after acquiring the social network

American billionaire Elon Musk has announced his plans to transform Twitter if he acquires the social network. The Tesla owner plans to lay off 75% of Twitter employees.

Musk’s innovations will reduce the social network’s staff from 7,500 employees to just over 2,000, which will significantly affect Twitter’s operations. However, even if the deal to buy Twitter by the billionaire fails (which is unlikely at the moment), the company is expected to undergo big changes. Twitter’s current management plans to cut salary costs by about $ 800 million dollars by the end of 2023, which means laying off almost a quarter of the workforce.

As for the situation between Twitter and Elon Musk at the moment, the Tesla founder has agreed to resume the process of buying the company on the original terms — $ 54.2 per share. Therefore, the court granted Musk’s motion to postpone the case until February 2023.

Last week, it also became known that the billionaire is the subject of a federal investigation in the United States over the Twitter acquisition deal. «Twitter representatives said they had been demanding that Musk’s lawyers provide the data to the federal authorities for months, but they did not do so. The company has asked a judge in Delaware to order the lawyers to provide the documents,» Reuters reported.