Just-In: Elon Musk Won’t Layoff 75% Twitter Staff

Tesla CEO Elon Musk on Thursday said he would not lay off 75% of Twitter employees after the completion of the $44 billion deal. Musk denied previous reports of planning to cut Twitter staff during an address to Twitter employees at the San Francisco office. The Twitter acquisition deal will be finalized on Friday, October 28, or else, he may face a continued trial in court.

Elon Musk Denies Firing Twitter Employees After the Deal

In a tweet on October 27, Tesla CEO Elon Musk posted a video of him carrying a sink to Twitter’s San Francisco headquarters. He even changed his Twitter bio to “Chief Twit.”

Later, he addressed employees on the $44 billion deal and things he likes about Twitter such as empowering citizen journalism. Elon Musk also said he doesn’t plan to cut 75% of Twitter staff. However, he may lay off some Twitter employees after he takes over the company.

The $44 billion deal is expected to close on Friday, October 28. According to a Delaware court, Musk should complete the deal by 5 PM ET or face continued trial in the court. However, the visit to Twitter HQ indicates his intention to complete the deal before the set date.

Meanwhile, several crypto leaders including Ethereum co-founder Vitalik Buterin, MicroStrategy’s Michael Saylor, and Binance CEO “CZ” have expressed concerns over the Twitter bot issue. Elon Musk has agreed to solve the spam and bot issues on Twitter. Moreover, he plans to introduce Dogecoin to Twitter.

Dogecoin (DOGE) Price Skyrockets on Deal Getting Closer

As a result, Dogecoin (DOGE) price jumps over 21% in the last 24 hours, with the current price trading at $0.079. The 24-hour low and high for DOGE are $0.065 and $0.080, respectively.

In the last 7 days, the DOGE price has skyrocketed over 32% as the Twitter acquisition deal gets near. The market cap increased by 18% and the trading volume by 200% in the last 24 hours. Whales have also moved over $400 million DOGE in the last 24 hours.