Bannon: Elon Musk Plans to Layoff Nearly 75% of the Twitter Employees When He Takes Over

The word is going around that Elon Musk plans on laying off all but 2,000 of its employees, from 7,500 down to 2,000. It should not affect the operation at all since it takes 2,000 to run the site and the other 5,500 work at censoring conservatives.

This rumor comes from Steve Bannon, who told Catlin Sinclair on the OAN network. Bannon also said that he has it from reliable sources that Twitter offered Musk a deal.

The deal was that they would knock billions off the price for Twitter in return for two promises.

1. Trump and other conservatives that were already banned should not be reinstated.
2. The same management team will continue to be employed.

Both of those conditions are unsatisfactory. First of all, the reason Musk wanted the site is to open it up to free speech, and secondly, why would you keep a management team that has run the site into the ground? Twitter loses money and it should come as no surprise considering how much revenue they lose by banning literally billions of page views due to censorship. Just President Trump’s alone cost the site a pretty penny.

Now, Elon Musk is set to lay off 75% of Twitter’s staff.

"I felt a great disturbance in the Force, as if millions of voices suddenly cried out in terror, and were suddenly silenced. I fear something terrible has happened."

Elon Musk Plans to Lay Off Nearly 75% of Twitter Employees, or 5,500 Staffers (Report) https://t.co/4VRKHRualu

— Rasmussen Reports (@Rasmussen_Poll) October 20, 2022

Variety reported:

“The mega-billionaire has told potential investors in the Twitter deal that he plans to lay off almost 75% of the company’s staff, or about 5,500 employees, to reduce the size of its workforce from 7,500 to just over 2,000, the Washington Post reported, citing anonymous sources and documents.”

The outlet reported:

On Tesla’s third-quarter 2022 earnings call Wednesday, Musk said he was paying too much for Twitter. He agreed to go forward with his original $54.20/share offer for Twitter, after spending three months attempting to back out of the deal. “Although, obviously, myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value,” Musk said.

Per the Post story, Twitter management had planned to cut its payroll by $800 million by the end of 2023, representing a 25% reduction in headcount. As such, Musk’s $44 billion acquisition is a “golden ticket for the struggling company,” according to the Post article, “potentially helping its leadership avoid painful announcements that would have demoralized the staff and possibly crippled the service’s ability to combat misinformation, hate speech and spam.”

After Musk tried to nix the deal to buy Twitter, the company sued him, seeking to enforce the terms of the merger agreement. The Delaware Chancery Court judge overseeing the case granted Musk’s motion to halt the trial until Oct. 28 to let him secure the debt financing he needs to close the deal.

According to Bloomberg News last week, Elon Musk is under investigation because the Biden caliphate does not want free speech anywhere in the country in the fashion of 1984.

Attorneys for Potter Anderson Corroon LLP wrote in a filing dated Oct. 6 and unsealed Thursday:

“Elon Musk is presently under investigation by federal authorities for his conduct in connection with the acquisition of Twitter.” 

“Through counsel, he has exchanged substantive correspondence with those authorities concerning their investigations.” 

Musk originally tried to back out of the deal when it was discovered that instead of 5% of the accounts are fake, the number is closer to 30%. That greatly decreases the value of the company. But, then Musk decided to go through with the deal and it has liberals’ heads exploding. They should really make up their minds.