Elon Musk reportedly wants to fire most of Twitter’s employees

About 7,500 people currently work at Twitter — and 75% of them can expect to get shown the door, The Washington Post reports. Potential investors have been told by Elon Musk that he is going to fire people in order to reduce costs.

Musk has set October 28th as the deadline for closing the Twitter purchase. In a sign the deal is proceeding, Twitter froze its employees’ equity awards, Bloomberg reported. Sources anonymous confirm the report. The PostThe deal is being moved forward in good faith

Job cuts were already planned. Before Musk’s bid, Twitter management planned to slice almost a quarter of the workforce, chopping $800 million from payroll. Musk’s planned cuts, which are larger, are “unimaginable,” the former head of Twitter’s spam and health metrics told The Post. Users would likely notice immediately — as Twitter is likely to experience more hacks, for instance. Musk intends to use stack ranking. Microsoft’s famous 2013 termination was due to bad cultureTo reduce headcount.

Musk has said he is “Evidently, we are paying too much” for Twitter, and a general partner at one of the firms involved in the deal told Business Insider that “We’re all trying to get out of it, to be honest.” The plan is to double revenue in three years, The PostMusk tells investorsWithout explaining why.

Many big names in private equity passed on the deal, including Warburg Pincus, TPG and T. Rowe Price. PayPal mafia member Reid Hoffman, who later founded LinkedIn, didn’t invest — though he did hook Musk up with Microsoft CEO Satya Nadella. Founders Fund was also lost. This is the venture firm that Peter Thiel founded. The Post reports.