Twitter responds to reports Musk will ax 75% of staff after takeover: No layoffs planned

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Twitter Inc. TWTR, -4.86% has told staff there are no layoffs planned after a report that Tesla and SpaceX CEO Elon Musk would cut 75% of the social-media company’s workers after taking control in an on-again-off-again planned acquisition. Twitter general counsel Sean Edgett sent employees an email on Thursday to indicate that no widespread job cuts are planned, Reuters and Bloomberg reported on Thursday, citing sources described as having seen the email. A Twitter representative told MarketWatch the reports were accurate. Shares of the company tumbled 8% in premarket trades on Friday, following reports the administration of U.S. President Joe Biden could be considering a national-security review of Musk’s ventures in the wake of public statements made of late by Musk, notably appearing to advance prospective outcomes in Ukraine and Taiwan favored by Russia and China, respectively. (This MarketPulse item has been updated to include Twitter’s confirmation of the Edgett email.)

This article was originally published by Marketwatch.com. Read the original article here.

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