Twitter Employees Are Leaving as Musk Buyout Gets Closer

While Elon Musk promises to close the Twitter deal by Friday, over 500 employees have left the social networking platform in the past 90 days

Twitter Musk

Twitter Employees Are Leaving as Musk Buyout Gets Closer. Source: Depositphotos

Tesla’s CEO Elon Musk conducted a video call with the banks helping to finance the Twitter buyout deal, confirming his intention to close the purchase by Friday, reported Bloomberg. Since the billionaire reportedly plans to lay off 75% of Twitter staff, many employees have already left the company. Many of them are moving to major tech companies like Google and Meta.

On Oct. 24, Musk promised the banks involved in a deal to finalize the acquisition of social media platform Twitter by Oct. 28. The loan providers, which include Morgan Stanley and Bank of America, are now preparing the documents for the debt-financing agreement. 

Musk has also reportedly notified his co-investors including VC firm Sequoia Capital, Binance and Qatar’s Investment Authority of the upcoming deal. 

During the long in-an-out negotiations, Musk has highlighted many areas of the platform he wishes to change. While one of the top priorities mentioned was to cut down on crypto scam tweets and turn Twitter into a supper app. Another reported change would be laying off the majority of current employees. 

A recent report from Punks & Pinstripes revealed that about 530 workers have left Twitter over the past 90 days. Besides, 50 more have left the company this month. Overall, since the beginning of the acquisition process in January, over 1,100 people (one-seventh of all the staff) have quit the company. 

Nearly 30% of those who have left Twitter in the past three months have found a new job at Google or Meta. Besides, a large share of the workers reportedly moved to various startups. The reasons are expected a major corporate culture shift along with the predicted full-time working schedule.

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