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According to The Daily Mail, Elon Musk is poised to fire 1,000 staffers at Twitter as his $44 billion deal is completed.
Musk has also vowed to reduce the company’s board pay from $3 million annually to $0.
It may take Musk up to six months to clean house and fire employees, the report says.
Musk will likely make thousands of new hires. It’s estimated that Musk’s new workforce will reach 11,000 employees. The company currently employs 7,500.
Musk has also brainstormed the idea of converting the San Francisco headquarters into a homeless shelter since no one shows up to work anyways. This could cut another $3 million in expenses.
More on this story via Daily Mail:
The changes Musk makes are part of his plan to increase Twitter’s annual revenue by five times current levels to $26.4 billion by 2028, up from $5 billion last year.
Advertising on the platform is set to fall to 45% of total revenue under Musk, down from about 90% in 2020…
Musk is said to favor a subscription-based model over advertiser funding, as it would make Twitter less beholden to advertiser pressure. He has even suggested users could pay with cryptocurrency, including joke currency Dogecoin which Musk has long had an affection for.
It’s believed Musk may also want to introduce payment abilities to Twitter.
Musk anticipates he can increase Twitter’s average revenue per user to $30.22 in 2028 from $24.83 last year, it added.
Revenue from Twitter Blue, the company’s premium subscription service launched last year, is expected to have 69 million users by 2025.
Users currently pay $3 a month to customize their experience on the app.