Twitter sheds employees. And Elon Musk is looking for a way not to buy Twitter

There is clearly something wrong with Twitter. It is true that the platform has had problems generating profits for a long time, but it is easy to get the impression that now the Twitter authorities are just waiting for the finalization of the transaction with Musk. However, he suddenly lost his desire to go shopping.

Twitter sheds employees. Earlier, he suspended employment

As reported, Twitter unexpectedly laid off about 100 employees of the HR department, who were mainly involved in acquiring talents, i.e. finding and hiring the most valuable employees. The dismissed constituted 30 percent. the entire talent recruiting team on Twitter. A spokesman for the company confirmed this information, noting that the dismissed would receive severance payments.

On the one hand, Twitter’s decision may come as a surprise – the platform would find it difficult to hire new, talented employees, which is under great pressure in technology companies. On the other hand, Twitter is already in mid-May employment in the company. A spokesman for Twitter then admitted that the platform is planning budget cuts, so hiring new employees will be limited only to critical positions.

The still unfinished purchase of Twitter by Elon Musk is also a considerable uncertainty for Twitter employees. The billionaire has already announced that – if he takes over Twitter – he plans to cut costs significantly, and thus also (or perhaps above all) layoffs. although – according to earlier assurances – employment was to increase.

Elon Musk tries to get out of the deal

As reported, in turn, the transaction itself – worth $ 44 billion – is already buying Twitter. Musk was initially extremely enthusiastic about the platform, made plans for changes to Twitter after taking power, and talked about how to make the business more profitable.

In May, however, the billionaire announced that he was suspending the purchase of Twitter for the time being. The official reason was the lack of faith in the data on the number of fake accounts on the platform. Twitter claimed that bots accounted for only 5 percent. of all accounts, meanwhile, according to Musk, there may be even several times more of them. Then, however, the subject of the transaction faded away.

According to reports from the daily, Musk made an offer to buy a social network too hastily. After a while, it changed course and is now looking for a way to withdraw from the transaction. It is said that the billionaire team working on the purchase of Twitter has ceased to engage in further talks regarding obtaining financing for a transaction worth 44 billion dollars. Musk was supposed to finance most of it with loans.

Withdrawing from the purchase, however, will not be so easy, because both parties have already signed appropriate contracts, the breaking of which will be extremely costly for Musk. Unofficially, it is said that the penalty for withdrawing from the transaction is a billion dollars.