According to a report from Insider, Twitter employees are leaving the company after Elon Musk said he wanted to lay off 75% of the workforce.
Throughout the potential buy of Twitter from Elon Musk, many people have been leaving the company for competitors like Meta and Google. According to a report from Greg Larkin and Elizabeth Gafford at Punks and Pinstripes, the company found data via Linkedin that showed just how many people have been leaving.
Twitter, which has been in the midst of financial need, currently charges hundreds of thousands of dollars for takeovers on explore page. Yet despite sales like these, the company heads have been chasing after the acquisition from Musk.
In the last quarter, roughly 530 workers have left Twitter which is more than 60% than the previous quarter. Since January, 1,100 people have left the company workforce of about 7,500 employees.
Musk reportedly told investors that he planned on laying off about 75% of the entire workforce, which has caused quite the scare in the media landscape. Despite this, Twitter employees have been leaving on their own will over the last six months. With the merger of Discovery and Warner Media, many have been scared for their job security seeing that a majority of the workforce was laid off with this recent ordeal.
Many are also concerned with how Musk runs company standards and sets lofty goals expecting the teams to work to burn the midnight oil.
The CEO of Punks and Pinstripes told Insider, “The bottom line here is that the uncertainty being generated by the fight between Elon Musk and Twitter is driving a lot of their top talent to other social media platforms, […] These people have options as to where they can go and they’re going.”
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Musk’s total deal is valued at $44 billion and is and is set to expire soon. If the deal does not close there will be a trial set in November.
