Twitter Inc's workforce could face major cuts in the coming months

Billionaire Elon Musk told potential investors in his deal to buy Twitter Inc (NYSE:TWTR) that he plans to get rid of about 75% of the social media company's 7,500 employees, the Washington Post reported on Thursday, citing interviews and documents.

According to the report, the layoffs are expected to take place in the coming months, regardless of who owns the company. Twitter's current management plans to reduce the company's payroll by about $800 million by the end of next year, which would mean the departure of about a quarter of its workforce, according to the report. Human resources staff at the social media company told employees that they were not planning mass layoffs, but documents showed that extensive plans to cut staff and reduce infrastructure costs were already in place before Musk offered to buy the company, the Washington Post reported. Musk tried to pull out of a deal to buy Twitter in May, claiming the company had understated the number of bots and spam accounts on the social media platform, sparking a series of lawsuits between the two sides. Earlier this month, Musk reversed course and said he would continue the deal on the original terms. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!