Twitter Staff Layoffs Start Friday

the staff of the Ridgewood blog

Ridgewood NJ, a new broom sweeps clean, in the email, sent Thursday evening, Twitter said it would be notifying staff by email starting Friday morning about their employment . Its been reported that Elon Musk plans to eliminate about 3,700 jobs at Twitter Inc., or half of the social media company’s workforce, in a bid to drive down costs following his $44 billion acquisition.

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Musk also intends to reverse the company’s existing work-from-anywhere policy, asking remaining employees to report to offices . Musk is under pressure to find ways to slash costs of a business for which he says he overpaid. The billionaire agreed to pay $54.20 a share in April just as markets tumbled. He then tried for months to back out of the transaction. Musk alleged that the company misled him about the prevalence of fake accounts, which many critics argue is very significant ,giving Twitter a far smaller social media footprint than advertised.

Twitter sued to force Musk to make good on his agreement .In recent weeks Musk agreed, closing the deal at the original terms.  Some have called the delay a negotiation tactic, allowing Musk to claim he overpaid for Twitter , justifying cleaning house and ordering layoffs. The take-private deal closed Thursday.

Many believe the Twitter deal is just the tip of the iceberg in reinvigorating  US media and Social media into a more competitive and vital sector by restoring creditability .