TWTR stock was trading at $50.17 as of 01:15 PM EDT
Bloomberg stated that despite media speculation suggesting Elon Musk may fire the bulk of the company’s employees if he assumes control, Twitter (NYSE:TWTR) has assured staff there are no plans for mass layoffs. According to Bloomberg, which cited a memo from Twitter (NYSE:TWTR) General Counsel Sean Edgett, the social network warned its staff that they would face “tons of public rumors and speculation” as the deal neared completion, but added that they did not have any confirmation that mass layoffs would be taking place.
Edgett stated in his letter, “We do not have any confirmation of the buyer’s plans following close and advise not following rumors or leaked documents but rather waiting for information from us and the buyer directly.
According to a media source on Thursday, Musk intended to lay off up to 75% of the company’s 7,500 workers, which would reduce the workforce to a number much closer to 2,000. On the most recent earnings call for Tesla (NASDAQ:TSLA), Musk addressed the purchase, praising the company’s long-term prospects while also claiming that he and the other investors are paying too much for it.
According to Musk, “I think it’s an asset that has kind of lain dormant for a long time, but it has enormous potential.” The long-term potential for Twitter, in my opinion, is by orders of magnitude bigger than its current worth, even if it is evident that I and the other investors are overpaying for it.
TWTR Stock Performance and Developments
Twitter stock (NYSE:TWTR) dropped more than 3.5% to $49.15 in premarket trading following news that the Biden Administration is investigating whether certain of Musk’s transactions, such as his planned acquisition of Twitter (NYSE:TWTR) and SpaceX’s Starlink satellite network, should be subject to national security reviews.
According to Bloomberg, there was no national security investigation of Musk’s purchases that the White House was aware of, which helped Twitter (NYSE:TWTR) recover some of its earlier losses. According to recent estimates, assuming no hiccups, Musk’s $44 billion acquisition of Twitter (NYSE:TWTR) will finish by next Friday.
Featured Image- Megapixl @ Dolphfyn
Author Jowi Kwasu 
