Elon Musk secured financing for his $44 billion takeover bid of Twitter by pledging to implement layoffs and other cost-cutting measures, according to a report.
by pledging to slash jobs and executive pay, among other cost-cutting measures, according to a report.
The Tesla CEO’s $44 billion buyout offer was accepted by Twitter’s board of directors earlier this week.Musk has tweeted about eliminating the salaries of Twitter’s board directors, which he said could result in about $3 million in cost savings. Twitter’s stock-based compensation for the 12 months ending Dec. 31, 2021 was $630 million, a 33% increase from 2020, corporate filings show.
But he has divulged few details on how he plans to run the company. Musk has vowed to alter the site’s content moderation policy so as to allow for more “free speech.” In trying to secure financing for the deal, Musk said he would cut jobs, though he did not provide specifics, according to Bloomberg News.Twitter CEO Parag Agrawal faced furious staffers during a company-wide meeting on Friday – some of whom demanded to know how the company intended to address a potential mass exodus of workers as the deal with Musk moves forward.
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