After the transfer of ownership, Elon Musk plans to fire 1,000 Twitter employees
Circulating information revealed that American billionaire Elon Musk, who is close to securing the financing needed for the Twitter purchase deal, plans to fire 1,000 employees as soon as his purchase of the social networking platform is completed.
He is believed to be firing many of the company's employees after the transfer of ownership, which will take about six months, Musk himself said this week to investors.
But in return, the controversial Tesla boss is expected to hire thousands of new employees within the next three years, which could lead to an inflation of about 11,000 employees, up from 7,500 currently, according to the New York Times.
The batch of these newly appointed recruits is also likely to include a lot of new engineering talent.
In addition, the company's numbers will fluctuate, reaching 9,225 employees this year before dropping to 8,332 in 2023. Then, adding another 2,700 workers by 2025.
Most of the jobs that are being suspended will occur during the acquisition period.
Musk had given a presentation to investors outlining his grand plans for Twitter and his financial goals for 2028.
The offer included that Twitter achieve annual revenues of up to 26.4 billion dollars by 2028, compared to 5 billion dollars last year.
Musk also predicted that the number of Twitter users would rise to 931 million users by 2028, from 217 million users at the end of last year, and to reach 600 million in 2025.
"Most of this growth will come from ad-supported businesses on Twitter, including Twitter Blue, for which users pay $3 a month to personalize their experience on the app," the New York Times report continued.
The report stated that Musk plans to hire 3,600 employees, bringing the number of Twitter workers to 11,072 thousand employees by 2025.
Musk also aims to raise free cash flow to $3.2 billion in 2025, and then to $9.4 billion in 2028, noting that Twitter will add about $13 billion in debt as part of the acquisition plan.