Musk will fire 75% of employees after buying Twitter

Elon Musk, the world's richest man, has been in the news for a long time about the deal to buy Twitter. Now the news is coming out that after buying Twitter, Elon Musk is planning to remove about 75% of the company's employees. However, after this news surfaced, Twitter clarified to its employees that the company has no plans to lay off.
According to a report in The Washington Post, Musk has told potential investors in his Twitter purchase that he plans to cut about 75% of the company's 7,500 employees or about 5,600 employees. In this report of the Washington Post published on Thursday, this information has been given citing interviews and documents.
However, following this report, Twitter immediately issued a clarification to its employees that the company has no plans for major layoffs. Twitter's general counsel Sean Edgett sent an email to employees on Thursday saying the company was not making any layoff plans, news agency Reuters reported.
According to the news agency Reuters, Twitter is set to have layoffs in the coming months. Whether or not Elon Musk's deal is completed, Twitter's current management plans to cut the company's payroll by about $800 million by the end of next year.
The Washington Post has written in its report that Twitter's Human Resources (HR) employees have said that the company has no such plans regarding the massive layoffs of their staff. But the documents show comprehensive plans to lay off employees and cut infrastructure. However, the report says that the company's plan is before Musk's offer to buy the company.
Let us tell you that Elon Musk took a U-turn after cancelling the Twitter deal. He agreed to buy the social media platform. He wrote a letter to Twitter on this deal. In the letter, Musk's lawyers said they wanted to end the legal battle and complete the transaction. A Twitter spokesperson also confirmed the letter.
After a U-turn on the deal, Musk tweeted, "Twitter is a step towards creating X." X, The Everything App.' Musk wants to close the transaction at $54.20 per share, which he promised in April. Earlier, Twitter had reached court after Musk cancelled the deal. The matter was to be heard in the Delaware Court of America on October 17. Musk changed his decision before the court hearing.
On April 14, Musk offered to buy Twitter for $43 billion. Musk had said that I am offering to buy a 100% stake at $54.20 per share at a 54% premium from the day before I started investing in Twitter. This offer is my best and last offer and if it is not accepted, I will need to reconsider my position as a shareholder.
Musk owns a 9.2% stake in Twitter. Its information was revealed on 4 April. Musk may have offered $43 billion in the initial filing, but after Twitter's approval of the deal, this figure reached $44 billion. However, Musk later said that he was cancelling the deal due to a lack of accurate information about the spam account. After the deal was cancelled, Twitter reached the court.
Twitter had said, "We are taking this action to prevent Musk from any further violations and to ask Musk to complete this deal." The lawsuit alleged that Musk breached several terms of the merger agreement. It was also alleged that the entire episode has damaged the business and image of Twitter.
Twitter shareholders approved a $44 billion deal on September 13. A majority of Twitter shareholders voted in favour of the buyout proposal of $54.20 per share. The decision was taken in a short conference call with investors at the company's San Francisco headquarters.