Elon Musk suggests there could be layoffs at Twitter to improve its financial health
Elon Muskhinted that layoffs could take place at
- The Tesla and SpaceX CEO said the social media company would need to "rationalize" its headcount.
Tesla and SpaceX CEO Elon Musk hinted that layoffs could be on the table for Twitter following his proposed $44 billion takeover of the social media platform.
"We need to make more than we spend," Musk told employees during a town hall meeting on Thursday, according to a person who attended.
"I shouldn't say 'we,'" he added. "The transaction is not complete."
Musk also said that the company would have to have a "rationalization" of its headcount, and echoed similar statements regarding remote work that he has made at his other companies.
"The bias definitely needs to be strongly towards working in person, but if somebody is exceptional, then remote work can be okay," he said.
Last month, Musk issued an ultimatum to staff, calling for them to come into the office and stop "phoning it in" or quit.
The meeting was the first chance for Twitter staff to directly ask questions of Musk since the announcement of his takeover bid in April.
Some employees previously expressed "anger" and "disappointment" at Musk's efforts, while others have quit or plan to in protest.
One worker told Insider they were not put off by Musk, dubbing the reaction among colleagues as "Elon derangement syndrome."
In the weeks since the offer was announced, share prices for both Twitter and Tesla have fallen considerably, casting doubt on the chances that the original $54.20 per share bid will go through.
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