Twitter insiders are expecting a 50% overall reduction in force, representing about 3,700 employees, after Tesla and SpaceX CEO Elon Musk bought the company last week.
After acquiring Twitter for $44 billion last week, Musk is scrambling to improve margins, including by slashing headcount and operating expenses and finding new ways to generate revenue.
Between 2010 and 2021 Twitter's total revenue amounted to about $25 billion, its research and development spending amounted to about $7.8 billion and its net income was in the red around $1.3 billion cumulatively. Among other things he has proposed a subscription product that costs $8 per month and would include so-called"blue check" verification for subscribers. All other users on Twitter would not be able to attain the blue checks, a marker that says the account holder is the person who they say they are on Twitter.
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